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Anonymous
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you really need an accountant.

If you talk to one and they are vague about why you should do it, find another accountant.

I have heard of some businesses/ government departments requiring you to be a company over a sole trader, I believe this has to do with various items such as insurance issues, their company/ departments policy.

Major differences may only come up if/when you decide to sell the business, or need to get finance from financial institutions.

but there are other differences, and depends on what part of the business cycle you are at, as to what they maybe…

A Sole trader can start and stop their business when they feel like.

A person who has gone through the processes of setting up a company, due to the need to research compliance issues etc, may give the impression of more commitment but that is not always guaranteed either.