The simplest – and most popular –business structure in the UK are Sole Traders who are their own bosses and have complete control over all decisions.
Ordinary Partnerships allow two or more people to work together towards their common business goal, sharing the workload, responsibilities, risks and rewards.
Limited Liability Partnerships (LLPs)
LLPs combine the flexibility of an Ordinary Partnership with the limited personal liability and separate legal identity that characterises a Limited Company.
Legally distinct bodies that can own assets and sign contracts, Limited Companies keep a business’ finances separate from the owner and shareholders’ finances.
Not all businesses need to file formal accounts but they do all need a way to track income and expenditure. Use this guide to discover how a Balance Sheets, Profit & Loss Accounts and Cashflow Statements are used to map a company’s progress.
Whether a company is VAT-registered or not can make a difference in how they acquire business vehicles. Use this guide to understand how it all works for cars, LCVs and HGVs.