Читать книгу Start & Run a Handyman Business - Sarah White - Страница 14

A business can be formed as a sole proprietorship, a partnership, or a limited company. A handyman business lends itself well to the sole proprietorship form of business. The sole proprietor is responsible for the business in its entirety. Debts that are incurred by the business are debts of the sole proprietor, as are the assets. There are many advantages to sole proprietorship, including low start-up costs, as well as the most freedom from regulation of all business forms. These may be important considerations, especially if you plan to start a part-time business and don’t want to get bogged down by paperwork.

A partnership can work well if you plan to run your business with someone else. Like a sole proprietorship, a partnership has low start-up costs. As well, there may be tax advantages. However, a partnership must be registered, and it is essential to draw up a partnership agreement stipulating the responsibilities of each partner. You should consult with a lawyer if you want to create a partnership agreement.

If your business grows to the extent that you want the formal legal structure of incorporation as a limited company, you should seek tax and legal advice to weigh the advantages against the disadvantages.