I am in business as sole trader.?

Question

I have no employees, and am wandering if I should become a limited company or stay self employed?

Answer 1

If you are a consultant or similar, with few outgoings, then stay a sole trader. If the nature of your work is such that you could go bust through cash flow problems, then limited liability will save you from having to sell your house, car, wife, dog, etc. If you are involved in finance and dealing with banks, then limited status affords a degree of respectability expected by such firms.

Answer 2

You could stay self-employed but as the business progresses you can start a limited company.

Answer 3

stay self employed, it helps withv alot of taxes and such