Sole Trader / Limited Company

[kentster]

Hi All

If I manage to pass all my exams to become a qualified electrician I would like to setup on my own but am confused about whether to setup as a sole trader or limited company. I'm already employed full time so to begin with, the business will be very low turnover taking on small jobs to build experience etc.

Does anyone know any advantages / disadvantages of either option? Any help/advise would be great

Paul

 

[monkeyelectric]

Hiya mate,to start i would go as a sole trader if the turnover is low, if things progress then you could change to a limited company,i'm a sole trader and have been for years i have no intention going limited as the paperwork gets on top of me as it is

 

[kentster]

Like the idea of less paperwork so seems Sole Trader is the best option. Thanks for the advise

 

[leekemp85]

If I were you I would stay in employment for a few more years to build up your experence. I was working on my own for 4 years with my previous company before I knew it was time to go alone.
with out those years I would have struggled as collage can't teach you half of the things you come across on jobs ( I still struggle sometimes that's why I am a member if this site )

 

[kentster]

Hi LeeKemp85

Yeah that's the intention, to stay with my current job, just do weekend work and evenings to start learning the trade in the real world and not from books and a few weeks hands on training.

In my current job in IT i've interviewed people with all the certifications under the sun obtained on 4 week crash courses which look good on paper, but put them in front of the equipment and ask them to ocnfigure it, they can't. From seeing this, i've seen the importance of having the qualifications to give basic knowledge but hands on to learn it properly.

Thanks again for your help

 

[Des 56]

Hiya mate,to start i would go as a sole trader if the turnover is low, if things progress then you could change to a limited company,i'm a sole trader and have been for years i have no intention going limited as the paperwork gets on top of me as it is

Im glad its not just me
Ditto

 

[Sparky198421]

sole trader is the way to go with low turn over as it increases you may want to go limited for the tax benifits!

 

[kentster]

Hi Sparky198421

Seems from yours and everyone elses comments that Sole Trader is the way to go and then change if required to limited company at a later date.

Just been to your website and see you are Southampton based, fancy a trainee (for free) some weekends if i pass next year? I come with the most important tool.....cash for beer...!

 

[Sparky198421]

Just been to your website and see you are Southampton based, fancy a trainee (for free) some weekends if i pass next year? I come with the most important tool.....cash for beer...![/quote]

Well i might need someone in the next couple of months im hoping to win a big contract soon which will lead to me needing help!! I take it you are still at college and your are working for a company as we speak! Weekends are rare for me i try to cram it all into the week so i have weekends for myself well to a certain extent work tends to take over your life.