Step 1: Choose whether you want to set up a Limited Liability Company (LTD) or go Self-Employed
So, what’s the difference? The main difference is the level of protection you have if anything goes wrong, such as lawsuits or defective products. If your self-employed, you take on that personal risk. But, if you have a Limited Liability Company, you are legally separated from the business.
However, having a Limited Liability Company, there is more compliance. Creating a company requires having an annual audit, compliance checks and more. If you’re considering having a Limited Liability Company, you need to make sure that the business is not only viable, but you seek correct and quality advice to avoid possible mistakes.