Whats better to set up? A limited company or a partnership?

Discussion in 'General Business Forum' started by Dynumo, Jan 20, 2009.

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  1. Dynumo

    Dynumo UKBF Regular Free Member

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    Hello,

    What do you think is better to set up for a small business, a limited company or a partnership (there are 2 owners)?

    The business is web based and comprises of an internet portal as well as web design and hosting.

    What would be the pros and cons of each type of business?

    Can both types of business be eligible for a business bank account?

    Many thanks,

    Adam.
     
    Posted: Jan 20, 2009 By: Dynumo Member since: Jan 18, 2009
    #1
  2. Dragon Media Group

    Dragon Media Group UKBF Newcomer Free Member

    312 45
    Both will be eligible for a business bank account.
    For the sake of simplicity at this stage in your career I would stick with a partnership rather than having the added expenses and paperwork that a limited company requires.
     
    Posted: Jan 20, 2009 By: Dragon Media Group Member since: Oct 30, 2008
    #2
  3. Steve2507

    Steve2507 UKBF Newcomer Free Member

    1,555 222
    There isn't that much added paperwork for a limited company. You still need accounts to be kept for both.

    I would go for a limited company, numerous reasons.
     
    Posted: Jan 20, 2009 By: Steve2507 Member since: Jun 9, 2006
    #3
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