Overview of Common UK Business Structures

There are several common business structures in the UK, each with its own characteristics:

1. Sole Trader:

- Owned and run by one person

- No separation between owner and business

- Simple to set up and manage

2. Partnership:

- Owned by two or more individuals

- Can be general or limited partnerships

- Shared management and profits

3. Limited Company:

- Separate legal entity from its owners

- Provides liability protection

- Can be private or public

4. Limited Liability Partnership (LLP):

- Combines elements of partnerships and limited companies

- Provides liability protection

- Flexible management structure

5. Community Interest Company (CIC):

- For social enterprises

- Asset-locked to ensure community benefit

- Can be limited by guarantee or shares

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