Last edited 30 Nov 2020

Forms of practice

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[edit] Introduction

There are three main types of practice:

  1. Sole trader
  2. Partnerships: traditional, limited partnership, limited liability partnership
  3. Limited company

[edit] Sole trader

  • Trade in own name
  • Easy setup
  • No legal structure
  • Responsible for yourself so face the risks alone
  • High personal risk - personally liable
  • Can cease to exist easily.

[edit] Partnerships

[edit] Traditional Partnership

[edit] Limited partnership

[edit] Limited Liability Partnership (LLP)

[edit] Limited liability company

[edit] Related articles on Designing Buildings Wiki


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