A limited liability company pays corporation tax on business profits, which is usually lower than the income tax paid by sole traders.

Limited liability company, partnership, and sole trader.

The main advantage of an LLP is that it combines the flexibility of a partnership with the protection of limited liability, so partners are only liable for what

A limited liability company requires more administrative work, including submitting accounts and paying corporation tax.

Corporation tax refers to the tax paid by companies on their business profits.

Partners in an LLP must register the business with Companies House and submit annual returns and accounts.

Shareholders benefit by potentially receiving dividends (a share of the company’s profits) and capital gains (increase in the value of their shares).

Personal earnings refer to the income individuals earn, while business profits refer to the earnings a business generates after expenses.

Corporation tax is a tax on business profits, whereas income tax is a tax on personal earnings.

The sole trader is their own boss and doesn't have to share earnings with anyone.

A startup is a newly established business, typically in the early stages of operation, focusing on developing a unique product or service with the aim of growth

The CEO is the highest-ranking executive in a company, responsible for overall strategy, decision-making, leadership, and ensuring the company's objectives are