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Deciding What Type of Business Ownership to Undertake

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You are a recently retired civil servant who has received a superannuation payment of 100,000 pounds. You are considering going into business as a tax consultant. You have a long-time working colleague, who retired at the same time, who received the same superannuation payment as you.

Task: you are now asked to decide what type of business ownership you should undertake. Your choices are: sole trader, partnership, private or public limited company.

Please explain the reason behind your choice.

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The solution assists with explaining the reason behind deciding what type of business ownership to undertake.

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I would consider going in for sole proprietorship, as I have reached a stage in life where I do not have much career ambitions. I am already retired, and what I am looking for is simply a mechanism to fill my day time with making investment with the 100,000 pound superannuation amount that I have received after years of ...

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