Transferring from Sole Trader to Ltd
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klemens
Apprentice
Joined: 24 Feb 2005
Posts: 17
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 Posted: 02/27/08 - 07:55 Post subject: |
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| Hello, I run a small business for over 5 years. I love my job; it is very rewarding and makes me happy. I have 4 employees and we work together very well. One year ago I started thinking about further development of my business. At this moment I run my business as sole trader and I’m considering changing it to Limited company. Should I do this by myself or with the lawyer or accountant? What are the advantages of limited company? |
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lucia
Apprentice
Joined: 09 Apr 2004
Posts: 3
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| Posted: 03/28/08 - 00:42 Post subject: |
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| Everything you said makes me believe that you are indeed working hard and love what you’re doing. This is never easy to decide; there are many advantages and disadvantages of both forms of business. I had that dilemma with my business because I also started as a sole trader. Everything was working fine and I was confident that my business will only grow. At one moment I realized that if I want to develop my business more, the best thing to do is to transfer to Ltd. And, I was right. Now I have more business partners than ever and I’m no longer exclusively liable for its results. Good lawyer or an accountant can be very helpful during the transferring process. Good luck! |
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