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Let's Get Down to Business

Updated: Jan 26, 2022

Businesses play an integral part in our everyday lives. They help feed us, transport us, employ us, build our homes, and medicate us when we're sick. In the UK alone, the estimated number of private sector businesses at the start of 2021 was 5.6 million - of which 5.5 million businesses are classified as small businesses[1].

These businesses can exist in a variety of different forms. The three most common forms of businesses in the UK's private sector are:

In this series, we consider the key differences between the three main legal forms of businesses and highlight some of the practical issues involved in setting up your own business venture.

[1] “Business population estimates for the UK and regions 2021: statistical release”. Published 7 October 2021, Department for Business, Energy & Industrial Strategy (BEIS).

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