Should you set up your new business as a sole trader, partnership or private limited company? This video can help you to find the right structure for your new business.
You can find more detailed guidance on becoming a sole trader, business partnerships, starting a private company, starting a public limited company, setting up specific types of limited company, UK economic interest groupings, UK establishments of overseas companies, and buying a franchise in our overview guide to legal structures for business:
www.nibusinessinfo.co.uk/cont...
nibusinessinfo.co.uk, a free service offered by Invest Northern Ireland, is the official online channel for business advice and guidance in Northern Ireland. It contains essential information, support and services for you and your business - whether you work for a large organisation or are on your way to starting up.
Simple to use, up-to-date and practical, nibusinessinfo.co.uk is the first place to go to find guidance on regulations and to access government services. It also has a number of useful online tools, calculators, and best practice case studies; and provides access to funding options, as well as wider support.
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Timestamps
0:00 Introduction to business legal structures
0:16 What are the most common types of business?
0:29 What is a sole trader?
1:07 Types of business partnership
1:15 What is a simple partnership?
1:48 What is a limited partnership?
2:22 What is a limited liability partnership?
2:53 What is a private limited company?