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UK: Sole Trader vs Limited Company

Discussion in 'Off Topic' started by CyclingTribe, Feb 8, 2012.

  1. CyclingTribe

    CyclingTribe 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?

    Shaun :D

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