Concerned about legal risk of going sole trader

[3 MORE YEARS]

I have been in business almost 18 year now. Just a small business. I have gained more than I lost out of being in business. However, the last few years has been terrible for me. Nothing seems to be going my way. I started a new business. I have always had businesses that were limited company so I started this as a limited company. I have never traded as a sole trader. I started an online learning and tutoring support business recently. It's a slow start and its not making any money, but it has potential.

My website has a forum and it does newsletter and email marketing. I want to go sole trader as it would simplify life for me and I am tired of the admin and costs associated with a limited company. However, I am almost paranoid about going sole trader from a legal risk point of view.

I had always assumed an e-learning would be a low risk business to run as a sole trader. However, nowadays with laws for everything, running a forum community and a learning newsletter makes me think it may be a risk.

Am I being paranoid and over cautious. Please advise if you can. It would help me a lot.

Thank you.

 

[Lisa Thomas]

The pessimist in me says it is safer to trade via a Limited Company (although the corporate veil can be lifted and Directors can be pursued personally if it all goes wrong and they commit misconduct.

Tax wise there may be pros and cons either way - best to speak to an accountant who can weigh it up for you.