Business Structures

It is important to find what kind of structure will work best for you and your business.

Sole Trader

A sole trader is a self-employed person who is the sole owner of their business. It's the simplest and most popular type of business. Being a sole trader means there's less paperwork but it means you are personally liable for any debts.

Limited Company

A limited company has shareholders and is run by directors. Limited liability means you are protected if your business owes money. Taxes can be lower for limited companies.

Partnership

If more than one of you want to set up in business together its common to set up as a partnership
You can find out more about business structures

Your other option is a Social Enterprise

A social enterprise reinvests any profits back into the business or community, rather than maximising profit for shareholders or owners. They are all about bringing about social change or supporting a community.
Find out more about them on the Social Business Wales site