Appropriate Legal Structure
Pros and Cons of Sole Trader/Partership
There are Many Advantages of Being a Sole Trader/Partnership:
Such as getting all the money
Making all the decisions
You can work as long as you want.
There are also disadvantages of being a sole trader/partner:
Have to take responsibility
Can have long hours
And you can have unlimited liability which means if you cant pay them back they can take personal possessions.
Pros and Cons of a Limited Company
Pros of a Limited Company:
You can raise more money
Gain more customers because you are more well known and a trusted by other companies
Why Change Legal Status
Because you would get more money and if you cannot take back they cannot take personal belongings
Expand the busness
A Sole Trader is someone that's owns their own business.
A Partnership is 2 to 20 people that work together to own a business.
A Private Limited Company is a company owned by family and friends.
Unlimited and Limited company are responsible for all depts. and can loose personal possessions.
A Public Limited Company is owned by the public who buy shares
Shares And Shareholders are people who buy shares of a business which mean they own a part of it.