Taking care of business - Different kinds of businesses

For this project melissa and I decided to work in a small group. Here  you can find a link to melissa's blog where we researched the pros and cons of the different business structures.

Partnership - A partnership is owned by two or more people.
Sole Traders - They are owned and controlled by one person, however they may employ workers. They are usually individuals who provide a specialist service e.g. hairdressers, plumbers or photographers. As we are a group, and want equal control over our business this would not be suitable for us.
Limited Company - A limited company is responsible for its own right of everything it does and its finances. Any profits it makes is owned by the company, after it pays corporation tax.
Limited liability partnerships - A partnership where peoples personal assets are not at risk if a business fails and cannot pay its debts. Business and personal money are separate. This business stucture is only reccomended if you earn over about £25,000 a year. As we are a small company this is unlikely to happen in the early stages, so a Limited liability partnership is not suitable for our business.

A partnership would be best for us.