Should I be a limited company? I get asked this a lot, and the answer is it depends on your business and personal setup.
But in general, it is because of 5 key things:
1. Liability insurance
2. Employing people
3. Business partner
4. Tax & control of income
5. You want to be seen as a bigger business than you are.
Liability is a critical one. If you have insurance of any kind and you are a sole trader, if the insurance is inadequate, you are liable for your personal assets (house, car etc). So make sure you have adequate insurance cover especially if you are a sole trader. It’s the main reason I am a limited company, to protect me professionally.
If you are employing people a limited company gives you a legal framework to work...