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 describe the reason behind your choice. Thank you.