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This depends on a country (sure, I understand the original post is about UK) Say, in Russia one'd generally would want to go sole trader route and not an Ltd o
by drdaeman 11y ago
This depends on a country (sure, I understand the original post is about UK)
Say, in Russia one'd generally would want to go sole trader route and not an Ltd one. Less initial paperwork, a bit more relaxed tax/accounting rules (with same rates), and significantly simpler to put earned money into your wallet.
- dogma1138 11y agoYou can go the "Self Employed" route in the UK just easily, it's a simple online registration and you get a VAT number and a tax code, but you really don't want to do that. If you are self employed there is no liability protection that separates you from the business this means that for the business to go bankrupt you have to also go bankrupt, and worse creditors can go after your own and familial assets to clear debt that was incurred by your business. Now in some rare cases when there was gross and often criminal misconduct the liability protection can be lifted on a business which means it's stakeholders can be found liable for damage but that's quite rare.