New venture - tax question

Hi All


This is my first post on moneysavingexpert.com so I hope I have chosen the correct section - feel free to move if not.


My partner and I are planning on starting a new small venture together. At present, I am PAYE (higher rate of 40%) and my partner is a sole trader (income generally £40k to £50k).


We both plan to keep our current jobs in conjunction with the new venture.


Obviously we will take professional advice before embarking on this - but as a general rule, what would be the most tax efficient way for us to embark on the new venture?


Would working in partnership benefit us, or should we consider setting up a Limited Company given we are both already in the higher rate tax bracket?


We don't anticipate making large profits in the new venture for the first few years, with takings expected to be between £15k to £25k.


Thanks for your help.
Stephen