Two experienced accountants, Sarah and James, have been working together at a large accountancy firm for ten years. They wish to leave their current employment and set up their own accountancy practice together. They have discussed their requirements and have identified the following priorities: they want protection from personal liability for business debts, they prefer to be taxed individually on their share of profits rather than the business paying corporation tax, and they want flexibility in how they share profits between themselves. They have £50,000 in savings between them to invest in the business.
Question 1 of 25