Choose your business structure
Last updated: November 2024
About business structures
The information we request from you when you set up your Square account can vary depending on the business structure you run. The information below will help you understand the options to choose from when you get started with Square.
Before you begin
Choosing your business structure is part of setting up your Square account. Learn more about signing up for Square in our Set up your Square account.
Types of business structures
A sole trader is an unincorporated business owned exclusively by one person. In a sole proprietorship, the business owner is the business. If you’re running a small business on your own, you can establish your business as a sole trader. Being a sole trader doesn’t prevent you from hiring other people — sole trader can have employees.
A limited liability company (Ltd) is incorporated and limited by shares, and has a registered number with Companies House.
A companyn can be owned by just one person or by several individuals (typically called “beneficial owners”) as well as other businesses. Learn more about the limited liability company business structure on the GOV.UK website.
A general partnership is established between two or more individuals to do business. Partners share profits or losses, resources, and risks. Partners can be individuals, other businesses, or public organisations. Partnerships may also include charitable and religious organisations, private foundations and other non-profits.