Chapter Five
Business structure – building in room to grow
The most important thing to remember when structuring your new business is that you must keep its finances separate from your own. Even if your enterprise is little more than a profitable hobby, it is still worthwhile keeping separate accounts and having a separate bank account. Your business needs to have its own identity, too, separate from your own. Let’s consider how you can choose the right structure for your business.
“Good order is the foundation of all things.”
EDMUND BURKE
The three main business structures
There are essentially only three structures a business can have. These are:
- sole trader – where you operate as a self-employed person;
- partnership – two or more self-employed ...
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