To register a business as a sole trader, you need to:

• Register as self-employed with HMRC
• Choose a business name
  

Once you’ve registered, you need to fulfil your responsibilities as a sole trader. These include:

• Keeping records of your sales and expenses
• Submitting a Self Assessment tax return each year
• Paying income tax and National Insurance Contributions
  

To set up a limited company, you need to:

• Decide what type of limited company you need
• Choose a business name
• Choose how to set up your limited company
• Complete the company formation process
• Open a business bank account
• Inform your stakeholders
• Get your VAT registration or transfer sorted out
• Set up your payroll
• Update your company details
• Get your books sorted out
  

To set up a business partnership, you need to:

• Choose a business name
• Choose a ‘nominated partner’
• Register with HMRC