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My Start-Up Plan: The business plan toolkit by Brad Crescenzo, Clare Griffiths

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8. Operations and Risks

Choosing the right type of legal status for your business is really important. It will affect things like the tax you pay, reporting requirements, and your personal financial liability. Before you start your business, you should talk to an accountant for professional advice on what structure should work best for you. Some of the most common forms of business are outlined below, along with their benefits and disadvantages.

Sole trader (self-employed)

Being a sole trader is popular with people who set up their business on their own. It is the easiest and cheapest way to start up. Before trading (or within three ...

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