Can I change from a sole trader to a limited by guarantee company?

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I have been in business as a sole trader for several years, but now I am looking for a total change of pace. I’d like to transform my business into a more expansive non-profit. My only question is: is this even possible? As the plan is to be non-profit (we might later apply for charitable status), I am aware that limited by guarantee is the most suitable company structure. I’m just not sure if I’m allowed to go from sole trader to limited by guarantee, as it sounds like quite a jump.

Answers

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Yes, that’s absolutely fine. You can change from a sole trader to a limited by guarantee company whenever you like. You simply need to incorporate a company at Companies House, register the company for the relevant business taxes and notify HMRC that you are stopping self-employment.

a year ago
 

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