Question: what are the advantages and disadvantages of being a limited company?
Answer: Tax efficient. It's well known that a limited company is more likely to be tax efficient compared to a sole trader, and that is one of the many reasons it's a popular business model. ...  Limited liability. ...  Separate entity. ...  Professional status. ...  Company pension. ...  Maximising tax-free income. ...  Complicated to set up. ...  Complex accounts.