Unlock the Secret Blueprint: Which Type of Business Ownership Will Skyrocket Your Success and Which One Could Tank It?
For a general partnership, all partners are responsible for making joint decisions and handling finances, whereas an LLP protects each partner against the potential debt of another partner.
This is a much clearer way to share profits and division-making compared to a sole trader, but it does mean you can be held liable for the actions of your partners on behalf of the business.
Private limited company (LTD)
Private limited companies are incorporated businesses that are owned and controlled privately. The ownership of an LTD is split by shares in the brand, allowing multiple people to own a part of the business.
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