Chapter 11 Ways of operating

When starting a new business, a decision that needs to be made and reviewed on a regular basis is whether or not the trade is, or should be, carried on through an incorporated entity such as a company or limited liability partnership. The main alternatives to incorporation are to carry out the business as a sole trader or possibly in partnership with others. The decision on whether to incorporate will ultimately centre on the trade-off between the limited liability of the owner(s) for the liabilities of the business and the significant regulatory burden that comes with it.