Thinking of going freelance and setting up your own business?
No doubt the products, services, company name and even branding are sorted. But what about the all important legalities such as which business model works best for you?
Accounting specialists in the freelance and small business sector, Easy Accountancy, advise you to think carefully about the two main options available – sole trader or limited company – before making the leap.
They say: “One of the key challenges when making the decision to go freelance is to choose between becoming a limited company or simply setting-up as a sole trader. While there are benefits to going limited, many freelancers choose the sole trader option – primarily because they don’t want the hassle or the legal commitments which come with a limited company.”
Questions to consider are: what type of business is it, what will your turnover and profit be, do you have future plans to grow the business, what level of commercial risk will you be exposed to?
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