Once appointed, you can relax knowing you have a dedicated accounts clerk to look after your year-end accounts. The goal is to minimize your tax bill, while at the same time removing your concerns about year-end accounts. Ultimately, you can let us worry about your accounts while you get on with your business.
You own and keep all the profits. You can employ others. But you have unlimited liability. You will pay income tax and National Insurance based on profits earned and declare this via Self Assessment Tax Return.
Similar to a sole trader except that the liabilities and profits are shared between two or more individuals.
Limited Partnerships & Limited Liability Partnership (LLP)
A limited company has members who own shares in the company, and directors who run the company who can also (although not always) own shares too. A limited company pays corporation tax.
Social Enterprise, Charities, Community Interest Companies
With a clear purpose to assist a social or community goal, social enterprises can take any of the above forms of incorporation as well as a charity, a charitable incorporated organisation, a co-operative, an industrial and provident society or a community interest company. The exact form is best chosen dependent upon a number of factors including whether a proportion or the entirety of generated profits are dedicated to the social purpose.