• Personal ownership and autonomy
• Keeps all of profits
• Privacy ( finances are kept private)
• Less Regulation (compared to other options)
• Often more tax efficient when starting out.

• Unlimited Liability ( You have unlimited liability, any debts or other liabilities of the business are also yours)
• Less tax efficient as the business grows

• Shared responsibility and decision making
• Little regulation
• Same tax advantages as sole trader

• Unlimited Liability (in a sense worse than a sole trader as partners are jointly and severally liable for the actions of each other.)
• Partnership Disagreement (Potential disagreements between partners)
• Same disadvantages as sole trader.

• Limited Liability ( This is limited to what has been invested in the company, the company’s assets and liabilities are separate to the individual )
• Ease of transfer (ownership of shares within the company can be transferred easily)
• Tax Efficient
• Better succession planning

• More regulation ( Accounts and annual returns have to be filed every year at Companies House)
• Limited Privacy (Anyone can look into your company accounts and are able to check certain details of shareholders etc).
• Audit requirement (Once the company exceeds a certain size, or is in a particular sector it will require audit. Small businesses  are normally exempt.)