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Partnership or Sole Trader with Employee?

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  • 15-06-2018 3:50pm
    #1
    hearscheme
    Registered Users Posts: 42 ✭


    Hi,

    Myself and my brother are looking to set up a business soon. Which option would be better - to register as a partnership or for him to register as a sole trader with me as an employee? I would be the only employee in the business. Are both business structures the same with the only difference being the number of people involved? My concern with the sole trader option is any paperwork involved in getting me registered as an employee and PAYE. A partnership seems like it would be more straight-forward?

    Also, I believe that he would be entitled to the Start Your Own Business Relief of tax-free profits for 2 years - would choosing one business structure over the other have any impact on this?

    Any advice is much appreciated.


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    #2
    hearscheme
    Registered Users Posts: 42 ✭hearscheme


    Also, we would hopefully be changing this to a limited company at some point but that would be further down the road.


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