You’ve got your business idea all sorted. You’ve got a great name ready to register. Now what? You need to decide which legal structure will suit you and your business best.

The four most popular ones are sole trader, limited company, general partnership and limited liability partnership (LLP). The decision is actually pretty straightforward when you understand the basic features and benefits of each structure, so we’ll take a look at each one in turn to help you make the right choice for your exciting new venture.

Sole trader

A sole trader is a self-employed person who owns and manages a business as an individual, but they have the option to employ people to work for them.…