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Difference between sole trader and limited company nz
A sole trader is someone who simply conducts business in their own name and not through any separate legal entity. For this reason, sole traders are by far the simplest business structure. . A company is a separate legal entity that is distinct from the people who own or manage it. Companies are managed by directors, who make decisions and sign contracts on behalf of the company. A. . This article has only provided a brief summary of the key features of sole traders and companies. There are several other factors to consider in deciding on a business structure, as well as numerous other possible structures. If you require assistance with selecting an appropriate business structure, our experienced business lawyers can assist.
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Benefits of sole trader or limited company
You’re legally obliged to choose a suitable company name, which will need to be registered with Companies House. Your company name mustn’t it be so similar to an existing firm that there could be confusion. Helpfully, there’s a search tool on the Companies House websiteso you can check whether the name you. . You’ll need to appoint a director if you’re setting up a limited company. This person will be responsible for keeping company records up-to-date, file. . If you plan to make a profit, you’ll need to issue shares. Initially this can be the director alone, who holds all of the shares. Alternatively, you could sell. . Aside from details of personnel such as the director, company secretary and shareholders, you’ll need to ensure other information is recorded.
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