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Partnership, LLP, company or sole trader?

Shared from Tax Insider: Partnership, LLP, company or sole trader?
By Chris Thorpe, November 2021

Chris Thorpe looks at the various structures from which a business owner can operate. 

When looking at how a business is to operate, there are several factors in deciding how that business should be run.  

Which one? 

A limited company is often the first choice; companies have stood the test of time and can last forever (the Whitechapel Bell Foundry company was the oldest limited company in the UK, having been founded in 1570). More importantly, the company insulates the shareholders’ personal assets from the dangers of the business – that alone is often reason enough.  

However, companies do have their downsides; they are not as straightforward as sole traders and partnerships. The profit generated by the company belongs to the company; the owners cannot just take notes from the

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