When starting a new business, It is important to choose the right business structure.
The decision is often between sole proprietorship/limited partnership and private limited company
Things to consider when choosing the right structure?
-Cost of formation
-Who is responsible for paying tax? The organization or the owners?
-Potential Liability
-Sole proprietorship/Limited partnership = Cheaper and easier to set up but less flexible in the long term
-Private limited company = more complicated and more expensive to start but more flexible in the long term