The basic ways to structure your business are as a sole trader, in a partnership, or as a limited company. If you trade as a Limited Company you are said to be an “incorporated business” any other structure is called “unincorporated”.
There are advantages and disadvantages whichever structure you chose so when deciding on the appropriate structure for running your business the following points should be considered:
Incorporated Business - Advantages
An incorporated business has “limited liability”. This means that shareholders will not personally be held responsible for the debts of the company should the business fail. But any loans, leases or some contracts will usually require a directors’ guarantee.
It should
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