Legal structures for businesses - an overview

If you are considering setting up a business, it's worth thinking carefully about which structure best suits the way that you intend to do business, as this will affect:

• which authorities you have to notify that your business exists
• the tax and National Insurance that you pay
• the records and accounts that you have to keep
• your financial liability if the business runs into trouble
• the ways your business can raise money
• the way management decisions are made about the business

There are several structures to choose from, depending on your situation. This guide will help you understand the differences between them.

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