My wife and I are starting a small business (not limited company) financed by us. So on application forms should we enter 'sole trader' or 'partnership' or both?
TIA
My wife and I are starting a small business (not limited company) financed by us. So on application forms should we enter 'sole trader' or 'partnership' or both?
TIA
If only one of you is really running the show, and will own the business alone, while employing the other, then it will be sole trader, otherwise partnership.
If you are supplying leather to cobblers, it could be both.
There is nothing to prevent you from starting as a sole trader (and employ your wife) - or vice versa - and then convert to a partnership at a later date. This would be quite a common scenario if profits are likely to be low in the early years.
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