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If you are not earning over the corporation tax level then you should look at staring a limited company. The reason for this is that it limits the liability of the directors and if, for example the company was to get into extreme debt then you cannot lose your house etc. to pay the debt off. What will happen is you will open the limited company then you and your partner will be employees of that company. You will have to appoint an accountant who will ensure that you are paying the correct amount of income tax as if you were an employee of any other company. You will also be able to take tax free dividends from the company on top of your salary. If you just decide to enter into a normal partnership then you would have to declare what you have earned from the company at the end of the year and pay tax on this. Additionally you can charge the limited company for travel and some other expenses. So in this case I would advice looking at a limited company.
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Being a limited company will not have any effect on this, you will have to undergo the correct checks regardless of what type of company you are operating from.