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We can help you with setting up whatever type of company you are starting
Company Types
Sole Trader
Setting up as a Sole Trader is common for new businesses. New Sole Traders are required to notify HMRC but registration with Companies House is not required.
Sole Traders benefit from fewer regulations and filing requirements but these businesses are not deemed as legal entities so owners are liable to any debts or legal actions incurred.
Private Limited Company (LTD)
A Private Limited Company is is one of the most popular ways to setup a business in the UK. Registration with Companies House is required and once incorporated this information is available in the public domain.
Private Limited Companies are viewed as legal entities meaning that investors liability is limited only to their investment and shares in the business, not their personal assets.
There are certian requirements for setting up a Private Limited Company in the UK, these are:
- At least one director over the age of 16.
- The company must have registered UK offices.
- The company name must comply with HMRC regulations.
- At least one share must be issued.
“Companies House will inform HMRC whenever any new business is incorporated with them”
Public Limited Company (PLC)
Public Limited Companies also exist as legal entities. A PLC is generally more suited to larger enterprises and shares can be traded in public markets to raise finance.
Setup requirements are similar to Private Limited Companies yet operating costs are generally higher. A PLC requires at least two directors and a minimum of £50,000 worth of shares must be issued before a company can be registerd as a PLC
Partnerships
In a partnership, each business partner (or partners) personally share responsibility for the business.
The business is not a legal entity but a limited company, which counts as a legal person can also be a partner alongside an individual (or individuals).
Partners share the business’s profits, and each partner pays tax on their share yet only the ‘nominated partner’ is responsible for managing tax returns and keeping business records.
Limited Liability Partnership (LLP)
A Limited Liability Partnership exists as a legal entity but also allows its members the flexibility of organising its internal structure in much the same way a traditional partnership does.
A minimum of two partners must be appointed who are responsible for the day to day running of the business. LLP’s therefore share both corporate and partnership characteristics
Limited by Guarantee Company (Non Profit)
Limited by guarantee companies are not for profit companies. They are legally separate from their members who are classed as decisioin makers rather than owners.
Limited by guarantee companies will generally have guarantors and will invest any profits made back into the company
Company Registration form
IMPORTANT NOTICE
We are bound by the Money Laundry Regulation
You are required to provide the following:
- ID (passport or driving license)
- Proof of address (e.g. utility bill or bank statement)
Documents will only be used by us and cannot be disclosed to third parties.
We will contact you with full information about Money Laundry Checks and the details you will be required to provide.