Your business identity
An important decision to make early on is to decide what legal form your business will take. Whatever you decide is not irrevocable, but it will take time and money to undo mistakes. You can choose between:
- sole trader.
- limited company.
- partnership (or limited liability partnership).
- cooperative (mutual organisation).
If you want to work on your own, your choice is either sole trader or limited company. If you want to work with others, your choice is between partnership, limited liability partnership, limited company or cooperative (or a sole trader if you intend to employ others, rather than work with them).
The form you choose can hinge on emotional factors, as well as objective ones. If you choose a cooperative ...