Hi.

I'm currently a full time employee and also self employed as a Sole Trader for a business which I carry out in my spare time. This is fairly straightforward as I have no overheads & minimal expenses.

I'm now in a position whereby myself and a friend are looking to start up a related, but separate business, probably as a partnership - with similarly low overheads/expenses.

Besides the tax, are there any other major implications which I need to consider, for example, am I allowed to trade as a Sole Trader and within a Partnership?

Thanks in advance for any replies.