Navigating the world of private practice for over eight years, I’ve experienced the evolution from being a sole trader to becoming a limited company in 2022. As a sole trader, I was solely responsible for my business. It offered simplicity and flexibility, making it an easy starting point for my venture. However, as my practice grew, the limited company structure, which separates personal and business assets and liabilities, became a more appealing choice.
The transition was daunting, but with the trusted guidance from my accountant and a strategic business plan, I embarked on this new phase. The shift brought about a more formal business structure, potentially favourable tax conditions, and a heightened sense of professionalism.
Are you contemplating between setting up as a sole trader or forming a limited company? It’s a significant decision and understanding the nuances can be confusing. I’ve written a full explainer post with all the pros and cons, I share more about my journey, the reasons behind the transition and my learnings. Paid subscribers can download a questionnaire to help them decide on the best route for them!
It might just help you find the right path for your own practice
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