UK Sole trader or Partnership

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This is my first post on here, I was very glad to find the forum- but go easy on me, I'm new to this and I'm not too quick on the uptake!

We received a loan from the Prince's Trust last year, on the basis that we were setting the business up as a partnership, part to me and part to my wife. Now my wife has a job with the NHS. We are yet to register with HMRC. We are wondering if it would be better for us to be a Sole Trader (ie. me), instead of a partnership (in terms of tax breaks etc). Prince's Trust have said they do not know and that we are best to speak to an accountant. We would like to know is it okay to register as a sole trader? despite receiving the loan as a partnership...

Hope to hear from someone soon

Many thanks in advance
 

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