A Limited Company is often a good choice when the business involves financial risks, when you want to grow the business, or when you want to keep the company’s finances clearly separate from your personal finances. The right business structure isn’t determined by a single income threshold, however — it also depends on factors such as taxation, financing needs, and future plans.
The key advantages of a Limited Company are generally limited personal liability and the fact that the company is taxed separately from the entrepreneur’s personal income. In many situations, a Limited Company can also support business growth and make the company structure clearer to partners and collaborators.