Clean It Up

UK General Cleaning Forum => General Cleaning Forum => Topic started by: chloejayne on January 16, 2009, 09:03:23 pm

Title: SOLE TRADER OR COMPANY WHICH IS BEST?
Post by: chloejayne on January 16, 2009, 09:03:23 pm

Come on, what do you think?

Title: Re: SOLE TRADER OR COMPANY WHICH IS BEST?
Post by: Gerry Styles on January 16, 2009, 09:08:47 pm

Went down the company route, should have gone Sole Trader, have to deal with Companies House send in returns every year and copies of accounts. Accountant cost a packet, Bank do a better deal for my friend who is sole trader.

Title: Re: SOLE TRADER OR COMPANY WHICH IS BEST?
Post by: KLEEN-ZONE on January 16, 2009, 09:57:04 pm

Sole trader unless you have a huge turnover. We are set up as a partnership.

Title: Re: SOLE TRADER OR COMPANY WHICH IS BEST?
Post by: Joe H on January 18, 2009, 02:05:37 pm

Limited Company acts as a protection - as in the case you owe money (for whatever) they can only go for the company.
Sole Trader / Partnership - they can go for your personal posessions ie the house.

Having said that - I am in a Partnership

Title: Re: SOLE TRADER OR COMPANY WHICH IS BEST?
Post by: The Great One on January 18, 2009, 05:00:49 pm

Hi

For the first 18 months of a Ltd company you must personally sign for anything anyway so protection is also ltd

Regards

Martin 8)

Title: Re: SOLE TRADER OR COMPANY WHICH IS BEST?
Post by: John Kelly on January 20, 2009, 06:12:49 pm

Limited means you are an employee so have to run a PAYE scheme. Another headache. Protection has been lessened recently and there are little tax advantages. Stick sole or partnership.

Title: Re: SOLE TRADER OR COMPANY WHICH IS BEST?
Post by: shelton on January 22, 2009, 01:48:50 pm

When we started, our intention was to go sole.  However, a number of prospects (which eventually turned into clients) indicated a preference to work with a Ltd company.

If we hadn't gone Ltd, we would not have got these contracts.

There is also the image argument (which I'm not getting into), where it's perceived that a Ltd Co. is somehow more professional than Fred Bloggs.

Not necessarily my opinion, but one I have heard on many occasions.  Guess some of it depends on who your target market are.

Title: Re: SOLE TRADER OR COMPANY WHICH IS BEST?
Post by: Joe H on January 22, 2009, 02:24:46 pm

I wouldnt disagree with anything you put there Shelton.

Strongly agree with you last quote     it depends who your target market are.

If its mostly domestic and maybe small office contracts then maybe sole is best