Deciding whether to remain a Sole Trader or move to a Partnership setup can sometimes be a difficult decision? What are the benefits, what are the pitfalls and how is it setup?
A sole trader is a business owned by one person. The main advantages of setting up as a sole trader are control, simplicity, profitability and confidentiality.
A Partnership is very similar to a sole trader but shares control, responsibility and finances between two Sole Trader / Partnership or more people. Advantages here include simplicity, a wider knowledge base, increased funding and flexibility.
A sole trader is a business owned by one person. The main advantages of setting up as a sole trader are control, simplicity, profitability and confidentiality.
A Partnership is very similar to a sole trader but shares control, responsibility and finances between two Sole Trader / Partnership or more people. Advantages here include simplicity, a wider knowledge base, increased funding and flexibility.
Our Services
- Preparation of Financial Statements
- Tax Filing
- Tax Planning
- Provision of Management Accounts
- Book keeping
- Payroll
- Taxation
Making the decision to become a sole trader or partnership can be a challenge. Talk to EM Accounting Services today for expert advice, trusted experience and a tailored service dedicated to you and the needs of your business