CTXMedia
Well-known member
I've been both full-time employed and part-time self-employed for the past 10 years and have operated as a sole trader.
In the next couple of years I want to develop my self-employment to full-time and run online communities for a living.
As a sole trader I maintain privacy and have simple tax/accounts obligations, but of course I have the risk of unlimited liability; including the home, car, savings, etc.
As the director/shareholder of a limited company I reduce the liability risk but have higher administrative/accountancy costs and less privacy (both financial and personal).
From the point of view of protecting the family home and savings the limited company formation would seem like a no-brainer, but I wanted to ask if any of you have been in a similar position and what you decided was best for you and why?
Thanks,
Shaun
In the next couple of years I want to develop my self-employment to full-time and run online communities for a living.
As a sole trader I maintain privacy and have simple tax/accounts obligations, but of course I have the risk of unlimited liability; including the home, car, savings, etc.
As the director/shareholder of a limited company I reduce the liability risk but have higher administrative/accountancy costs and less privacy (both financial and personal).
From the point of view of protecting the family home and savings the limited company formation would seem like a no-brainer, but I wanted to ask if any of you have been in a similar position and what you decided was best for you and why?
Thanks,
Shaun
