Whatever kind of pub you wish to run, you will need to decide on its legal structure.
Otherwise known as the business structure, it affects the way you account for the money that goes into and out of your business, as well as the amount of tax you pay.
There are four options to choose from:
- Sole Trader
- ‘Ordinary’ Partnership
- Limited Liability
- Limited Liability Partnership
You need to carefully consider these options. A variety of factors should inform your decision, such as: the amount of money you can wield, your projected profit and the availability of – and the desire to have – suitable business partners.