UKH

Hi folks,
as per title.
Can I pick your brains please :0)
Thanks, Den

In reply to Denni:

As in a fishmonger?

In reply to Denni:

You either run a company or you are a sole trader - you can't be both

Or do you mean run a company as the only employee?

If so yes

In reply to Denni:

As above - running a company is a specific term, running a business is more general.

In reply to richprideaux:

Phrased it incorrectly then! Is anyone a sole trader and can I please pick your brains :0)

In reply to rogersavery:

Do you mind if I drop you an email later this evening?
Thanks, Den

In reply to Denni:

I am - email me via richprideaux at gmail.com

In reply to richprideaux:

Thanks Rich,
will drop you an email later this evening.
Den

In reply to rogersavery:




I operated as a sole trader trading as.... a company, which also employed people, so yes, you can do both

In reply to Denni:

Do you mean like a cobbler?

I'll answer some q's if you have them, the value of the answers will be up to you though. Depends what you're doing sometimes, relevance and all that.

In reply to Denni:

I'm a sole trader not sure how much help I could be.

In reply to Ali.B:


Not really, the term "sole trader" means someone running an unincorporated business on their own. If you incorporate, you trade via a company, not as a sole trader.

An old fashioned partnership is also an unicorporated business but, as you are in partnership, you aren't a sole trader.

In reply to Skyfall:



Yes, i understand and agree on those points. But, doesn't running a business and running a company essentially equate to the same thing? unless of course the term 'Company' is strictly reserved for 'limited' companies?
If that is the case a sole trader runs a business and not a company :-p
So, you can be a sole trader running a business that employs people, but just is not incorporated.

In reply to Ali.B:

From : https://www.gov.uk/set-up-sole-trader/overview (and they should know!)

>>If you’re a sole trader, you run your own business as an individual and are self-employed.
>>You can take on staff - being a sole trader means you’re responsible for the business, not that you have to work alone.

In reply to Denni:

Yep

Feel free to email me too!

Rob

In reply to Denni:

Me too (as a Lighting Designer for live events).

In reply to Denni:

Equally if you want to know a bit more about running a limited company and the extra peace of mind that can bring (over acting as a sole trader) at the expense of extra red tape and tax then feel free to email me. I've been running (and both sole and part owner of) incorporated businesses for 20 years.

In reply to BnB:



Over acting!! no one mentioned acting.

In reply to Ron Rees Davies:

Thanks for the link, and one would hope so .
It would appear then that the terms 'business' and 'company' have very distinct and different meanings.

In reply to Ali.B:


Clearly you didn't totally


No


Yes


Correct


Also correct

Boring distintions I know but very important legally, commercially and for tax reasons. One of the most important being that a company has limited liabiity, to its own assets (unless the owner gives personal guarantees for example to a bank). As compared to a sole trader who is on the hook all the time for the business plus his/her own assets including the house of course!

If you form a partnership there is then the half way house of being able to use a limited liability partnership (LLP) which carries more or less the same tax pros and cons of a "normal" old style partnership whilst giving the partners limited liability, as for a company.

In reply to Skyfall:

Hahaha, well, i do now. Thanks for the clarifications.

I changed from sole trader to limited company to limit my personal liability, but the PI insurance brokers still advised that i take out separate Directors insurance as a personal safeguard.