Should we form a general partnership or limited company, or stick as a sole trader? 26th January 2021 8:18 AM
I am about to buy a small dance company with my husband. We both work there and the current owner is retiring so we're taking over. We hire a venue and dancers pay monthly membership fees to attend regular classes. We expect the profits to be relatively low.
I'll be running the business with my partner - we are experts in our field but total newbies when it comes to business. We are currently both self-employed. We have no idea if we should remain sole traders, form a general partnership or form a limited company. I've done lots of research but I'm struggling to judge the pros and cons and reach a conclusion. Any advice would be greatly appreciated.