A company is a separate legal entity in which the liability of each shareholder is limited to the amount individually invested should the company cease trading. A sole trader business is one in which one person works in their own business on a full- or part-time basis.
In a partnership two or more individuals join together to run a business which is governed by a Partnership Agreement and the Partnership Act of 1890.
A Limited Liability Partnership offers Partners a limit to their liability similar to a company however, the tax treatment is identical to that of a simple partnership.
Gilroy & Brookes can advise you on which legal entity is the most appropriate for your type of business and the stage it is currently at.
Contact us today for a free initial consultation and begin to find out what a difference we could make to your financial peace of mind.