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Sole Trader or Partnership - which is best HELP!

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  • 12-05-2014 8:08am
    #1
    seekingsolace
    Registered Users Posts: 13 ✭


    Hello, anyone out there with experience of running their own business, could they advise me?

    We want to start a business (small) as a couple, but are looking at the alternatives re: ownership.

    If I operate as a sole trader, does my husband need to be an employee? (tax/holidays etc)


    It will be a small retail business, no others involved except the two of us. We are looking at partnerships and the cost implications of that as well as the legal ones.
    thank you in advance for any help. Just trying to find the best way to operate.


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    #2
    Gloomtastic!
    Registered Users Posts: 8,485 ✭✭✭Gloomtastic!


    Have you considered a Limited Company? To protect you both and any assets you may own it may be the safer option.


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    #3
    dbran
    Registered Users Posts: 2,094 ✭✭✭dbran


    Hi

    I would think if you are going into retail you would be better off forming a limited company as you will get better protection from creditors, landlords, etc.

    If as you say it is going to be very small and you do not expect that there will be a undue level of risk of incurring liability you may decide to go as a sole trader.

    dbran


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