{"analytics_identifier":null,"base_path":"/set-up-business","content_id":"8ab43580-bfd2-4100-9e50-fcc0bcd2fcaf","description":"Choosing a legal structure when you're starting a business: the differences between being a sole trader and a limited company, including legal risk, registration and taxes. ","details":{"body":"<p>Most businesses register as a sole trader or limited company, but there are other ways to set up a business.</p>\n\n<p>The business structure you choose can affect the way you pay tax and your legal responsibilities.</p>\n\n<p>You can move from one business structure to another. It’s usually easier to move from being a sole trader to a limited company.</p>\n\n<div role=\"note\" aria-label=\"Information\" class=\"application-notice info-notice\">\n  <p>This guide is also available <a href=\"/sefydlu-busnes\">in Welsh (Cymraeg)</a></p>\n</div>\n\n<h2 id=\"sole-traders\">Sole traders</h2>\n\n<p>A sole trader is the simplest business structure to set up and keep records for.</p>\n\n<p>Sole traders make all the business decisions and keep all the profits after paying tax.</p>\n\n<p>You can find out more about <a href=\"/set-up-sole-trader\">setting up as a sole trader</a>.</p>\n\n<h2 id=\"limited-companies\">Limited companies</h2>\n\n<p>A limited company is legally separate from the people who own it, and is run by one or more directors. There are a number of responsibilities and things to consider when running a limited company.</p>\n\n<p>You can find out more about <a href=\"/limited-company-formation\">setting up a limited company</a>.</p>\n\n<h2 id=\"compare-the-differences-between-a-sole-trader-and-a-limited-company\">Compare the differences between a sole trader and a limited company</h2>\n\n<p>This table shows the main differences between being a sole trader and a limited company.</p>\n\n<table>\n  <thead>\n    <tr>\n      <td></td>\n      <th scope=\"col\">Sole trader</th>\n      <th scope=\"col\">Limited company</th>\n    </tr>\n  </thead>\n  <tbody>\n    <tr>\n      <th scope=\"row\">Legal risks or ‘liability’</th>\n      <td>You are personally responsible for all of the debts of the business. This is called ‘unlimited liability’. If something goes wrong, you may need additional <a rel=\"external\" href=\"https://www.abi.org.uk/products-and-issues/choosing-the-right-insurance/business-insurance/\">business insurance</a>.</td>\n      <td>Company owners are responsible for the debts of the business only up to the value of their financial investment. This is called ‘limited liability’. A limited company may give you protection if things go wrong, but you may need additional <a rel=\"external\" href=\"https://www.abi.org.uk/products-and-issues/choosing-the-right-insurance/business-insurance/\">business insurance</a>.</td>\n    </tr>\n    <tr>\n      <th scope=\"row\">Finances</th>\n      <td>You keep all the profits after paying tax.</td>\n      <td>Directors need to follow rules when <a href=\"/running-a-limited-company/taking-money-out-of-a-limited-company\">taking money out of a limited company</a> (for example, paying yourself a salary, dividends or a directors’ loan).</td>\n    </tr>\n    <tr>\n      <th scope=\"row\">Keeping records and accounts</th>\n      <td>When you start trading you must <a href=\"/self-employed-records\">keep records</a>.</td>\n      <td>Directors need to follow the rules when <a href=\"/running-a-limited-company\">running a limited company</a> and must file <a href=\"/prepare-file-annual-accounts-for-limited-company\">accounts and tax returns for the company</a>.</td>\n    </tr>\n    <tr>\n      <th scope=\"row\">Name</th>\n      <td>You can choose a trading name or use your own name.</td>\n      <td>There are rules to follow when <a href=\"/limited-company-formation/choose-company-name\">choosing a name for a business</a>.</td>\n    </tr>\n    <tr>\n      <th scope=\"row\">Registering</th>\n      <td>You can start trading straight away without registering. However, you must register for Self Assessment as a <a href=\"/become-sole-trader\">sole trader</a> if you earn more than £1,000 in a tax year (from 6 April to 5 April). You can choose to register earlier.</td>\n      <td>Company owners need to register the company before they start trading. You’ll register when <a href=\"/limited-company-formation\">setting up as a limited company</a>. You may want to register even if you plan to <a href=\"/dormant-company\">leave your company dormant</a>.</td>\n    </tr>\n    <tr>\n      <th scope=\"row\">Income Tax</th>\n      <td>You may need to pay <a href=\"/income-tax\">Income Tax</a> on your profits. You pay this through your <a href=\"/self-assessment-tax-returns\">Self Assessment tax returns</a>.</td>\n      <td>Directors may need to pay Income Tax depending on how they <a href=\"/running-a-limited-company/taking-money-out-of-a-limited-company\">take money out of a limited company</a> (for example, paying themselves a salary, dividends or a directors’ loan).</td>\n    </tr>\n    <tr>\n      <th scope=\"row\">National Insurance</th>\n      <td>You may need to pay <a href=\"/national-insurance\">National Insurance contributions</a> depending on your profits. You can choose to pay these to qualify for certain benefits and the State Pension.</td>\n      <td>Directors may need to pay National Insurance contributions depending on how they <a href=\"/running-a-limited-company/taking-money-out-of-a-limited-company\">take money out of a limited company</a> (for example, paying themselves a salary, dividends or a directors’ loan).</td>\n    </tr>\n    <tr>\n      <th scope=\"row\"><abbr title=\"Value Added Tax\">VAT</abbr>\n</th>\n      <td>You need to <a href=\"/register-for-vat\">register for <abbr title=\"Value Added Tax\">VAT</abbr></a> if you meet the requirements.</td>\n      <td>The company needs to <a href=\"/register-for-vat\">register for <abbr title=\"Value Added Tax\">VAT</abbr></a> if it meets the requirements.</td>\n    </tr>\n    <tr>\n      <th scope=\"row\">Corporation Tax</th>\n      <td>Sole traders do not pay Corporation Tax.</td>\n      <td>The company will need to pay <a href=\"/corporation-tax\">Corporation Tax</a> on any profits.</td>\n    </tr>\n    <tr>\n      <th scope=\"row\">Tax relief</th>\n      <td>There are <a href=\"/government/collections/allowances-expenses-and-reliefs-when-you-run-a-business#sole-trader\">tax reliefs for sole traders</a>.</td>\n      <td>There are <a href=\"/government/collections/allowances-expenses-and-reliefs-when-you-run-a-business#limited-company\">tax reliefs for limited companies</a>.</td>\n    </tr>\n    <tr>\n      <th scope=\"row\">Employment status</th>\n      <td>You will be classed as ‘self-employed’.</td>\n      <td>\n<a href=\"/employment-status/director\">Company directors</a> may be employees of the company or <a href=\"/employment-status/office-holder\">office holders</a>.</td>\n    </tr>\n    <tr>\n      <th scope=\"row\">Taking on employees</th>\n      <td>You can have employees.</td>\n      <td>The company can have employees.</td>\n    </tr>\n  </tbody>\n</table>\n\n<h2 id=\"other-ways-to-set-up-a-business\">Other ways to set up a business</h2>\n\n<p>Check if you should set up as one of the following instead:</p>\n\n<ul>\n  <li><a href=\"/set-up-business-partnership\">a business partnership</a></li>\n  <li><a href=\"/set-up-a-social-enterprise\">a social enterprise</a></li>\n  <li><a href=\"/register-as-an-overseas-company\">an overseas company</a></li>\n  <li><a href=\"/unincorporated-associations\">an unincorporated association</a></li>\n</ul>\n\n<h2 id=\"get-help-and-support\">Get help and support</h2>\n\n<p>You can <a href=\"/business-help\">get help with setting up your business</a>.</p>\n\n","external_related_links":[]},"document_type":"answer","first_published_at":"2016-07-17T22:13:24+01:00","links":{"available_translations":[{"api_path":"/api/content/set-up-business","api_url":"https://www.gov.uk/api/content/set-up-business","base_path":"/set-up-business","content_id":"8ab43580-bfd2-4100-9e50-fcc0bcd2fcaf","document_type":"answer","links":{},"locale":"en","public_updated_at":"2016-08-11T16:31:29Z","schema_name":"answer","title":"Set up a 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It can also affect the way you pay tax and get funding.","type":"paragraph"},{"text":"Most businesses register as a limited company or a sole trader.","type":"paragraph"},{"contents":[{"href":"/set-up-business","text":"Find out about the different ways to set up a business"}],"type":"list"},{"contents":[{"href":"https://www.business.gov.uk","text":"Find local advice and free support for your business on business.gov.uk"}],"type":"list"}],"title":"Check if setting up a limited company is right for you"},{"contents":[{"contents":[{"href":"/limited-company-formation/limited-company-types","text":"Check whether you'll be limited by shares or guarantee"}],"type":"list"}],"title":"Choose your limited company type"},{"contents":[{"text":"You must appoint a director but you do not have to appoint a company secretary.","type":"paragraph"},{"contents":[{"href":"/running-a-limited-company","text":"Find out what directors are responsible for"},{"href":"/limited-company-formation/appoint-directors-and-company-secretaries","text":"Check who can be a director or company secretary"}],"type":"list"}],"title":"Choose directors and a company secretary"},{"contents":[{"text":"You need at least one shareholder, who can be a director.","type":"paragraph"},{"contents":[{"href":"/limited-company-formation/shareholders","text":"Check how to choose shareholders for a company limited by shares"},{"href":"/tax-on-dividends","text":"Find out how dividends from shares are taxed"}],"type":"list"}],"title":"Decide who the shareholders are"},{"contents":[{"text":"You need at least one guarantor who can be a director.","type":"paragraph"},{"contents":[{"href":"/limited-company-formation/guarantors","text":"Check how to choose guarantors for a company limited by guarantee"}],"type":"list"}],"logic":"or","title":"Decide who your guarantors are"},{"contents":[{"text":"You need to identify people with significant control (PSC) - for example, anyone with more than 25% of the shares or voting rights.","type":"paragraph"},{"contents":[{"href":"/guidance/people-with-significant-control-pscs","text":"Find out what counts as a PSC"}],"type":"list"},{"text":"You'll confirm these when you register your company with Companies House.","type":"paragraph"}],"logic":"and","title":"Identify people with significant control (PSC) over your company"},{"contents":[{"text":"You need to prepare documents agreeing how to run your company. 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