Sole Traders
This is the simplest way of starting business with very few rules.
You will need to inform the Inland Revenue that you are self-employed for tax and national insurance contributions. As a sole trader, you will not need to notify Companies House, nor deal with any administrative or accounting requirements which are required of limited companies.
You can quickly adapt to changes in your business with minimal bureaucratic changes required and you have complete control over your business and accounting affairs. However, a sole trader is also ultimately responsible for any liabilities should anything go wrong.
Partnership
This is the simplest way of starting business with very few rules.
You will need to inform the Inland Revenue that you are self-employed for tax and national insurance contributions. As a sole trader, you will not need to notify Companies House, nor deal with any administrative or accounting requirements which are required of limited companies.
You can quickly adapt to changes in your business with minimal bureaucratic changes required and you have complete control over your business and accounting affairs. However, a sole trader is also ultimately responsible for any liabilities should anything go wrong.
Partnership