What are the differences between being a sole trader and a partnership when you set up your business and become self-employed? This video will cover these different business types and the advantages and disadvantages of both when starting up.
You can find more detailed information in our guide on how to set up as a sole trader:
www.nibusinessinfo.co.uk/cont...
You can find more detailed information in our guide on how to set up a business partnership:
www.nibusinessinfo.co.uk/cont...
nibusinessinfo.co.uk, a free service offered by Invest Northern Ireland, is the official online channel for business advice and guidance in Northern Ireland. It contains essential information, support and services for you and your business - whether you work for a large organisation or are on your way to starting up.
Simple to use, up-to-date and practical, nibusinessinfo.co.uk is the first place to go to find guidance on regulations and to access government services. It also has a number of useful online tools, calculators, and best practice case studies; and provides access to funding options, as well as wider support.
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Timestamps
0:00 Introduction self-employment business types
0:23 An overview of becoming a sole trader
0:41 Advantages of being a sole trader
3:00 An overview of business partnerships
3:53 Advantages of a business partnership
5:51 Differences between sole traders and partnerships
6:09 What is your employment status?
8:48 Tell HMRC that your self-employed