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Setting Up a Business

There are a few variables to consider when setting up a business, and how you need to register. Most businesses will register under sole trader, limited company or partnership. 

Sole Trader – Simpler to set up, however you are personally responsible for your business’s debts. 

Limited Company – Finances are separate from your personal finances. This means there are more reporting and management responsibilities. 

Partnerships – This is the simplest way for two or more people to run a business together. Responsibility is shared for the business’s debts. 

There are other factors to consider when setting up a business, such as: 

  • Where the business is run. 
  • If there are other employees. 
  • Licences or permits. 
  • Insurance. 
  • Rules for selling goods. 
  • How you store or use personal information. 

Use Gov.uk for more information and to get started. 

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