I am planning to start a new business. Could you advise on what to consider when setting up the legal structure?

Q

I am planning to start a new business. Could you advise on what to consider when setting up the legal structure?

A

The first question that faces a new business is, what form will the business take? Should you operate as a sole proprietor, a partnership or a limited company. Each has their advantages and disadvantages.

A sole proprietor owns the business and is in sole control of the business. It has the significant downside that the sole proprietor is responsible for all the business debts and is responsible for ensuring all accounting and tax requirements are met. The personal cash and assets of the sole proprietor are at risk if the business builds up debts.

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