B: CHOICE OF BUSINESS MEDIUM

1: SEPARATE LEGAL PERSONALITY

13 Introduction

The first major decision which the proprietor or proprietors of a new business must take is whether to run that business personally or through a business vehicle with separate legal personality.

If they go for the first option, then the business will usually be run either as a sole trade or as a general partnership1, depending on the number of participants involved. Legally, a partnership is created where two or more persons carry on a business in common with a view of profit2. This is a matter of law rather than intention,

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