PC4.3 - Practice structures, legal status and business styles

Sole Trader

Employee Ownership Trust

Limited Company

Limited Partnership

Sole Trader

Partnerships

Limited Company

Limited Partnership

Expensive to form

Annual accounts and financial reports are available within the public domain

Requires minimum two people

Inflexible changes to organisational structure

Sole Trader

Partnership

Limited Company

Unlimited Partnership

Tax-free from Capital Gains

Tax-free bonuses up to £3,600

Inviting non-executive board members to promote growth and innovation

Succession planning