Types of business

Once you're satisfied your business idea is viable and you want to start up, you face several choices about what form your business could or should take.

Work-life balance and how much you want to earn are key considerations. 

When considering which legal business structure to go for, you need to think about cost and administration implications, as well as how much personal financial protection you want. Whether you start a business with other people will also influence the legal structure you choose.

The main options include sole trader, partnership, limited liability partnership and limited company.