Thursday, 6 December 2012

if (Self-employed = good) ? Sole Trader First : Private Ltd Company;

Being self-employed is a rollercoaster.

I strapped into the fairground ride as a sole trader about 7 months ago during which time it feels like I nearly spilled out of my seat a couple of times.  There have been times during a quiet period that I wasn't sure if I was being dragged up the slope ready for the next wild ride or genuinely stuck at low-point.

When I first went self-employed I looked into the options (e.g. Ltd. LLP) and decided on sole-trading because there is little reporting and easy accounting.  One of the biggest drawbacks for me was that I wouldn't own a company, be a Director or have a cool name to trade under - pure ego strokes.