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 Start-up flow chart: The legal formats for a business.
3.Ltd companies

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 In brief

Setting up:

You have to register with the Registrar of Companies at Companies House.


The shareholders' (members') personal assets are protected if the business falls. (Limited liability) You can only lose what you have put into the business.


The business is controlled by the board of directors. They are each held personally responsible for its management and must act in the company's best interests.


Capital is raised by the sale of shares, although not to the general public.


Dividends are paid to the shareholders.

Taxes Etc.:

Employee status. The Directors are employed by the company through the PAYE tax system.


The company is a legal entinty in its own right and can be sold, or buy shares in other companies. It has 'perpetual existence'.


An accountant will be happy to give advice on these matters.

For a fuller explanation of how to form a private limited company, and what is required to run it click here.

Order a book from Amazon:
Setting Up a Limited Company: Creating Your Own Business, Step by Step


How to form a private limited company:

How to form a limited company

Search the site Business Service's listings for accountants and company formation services:

Business Services Search

For more information about Limited Companies visit the Companies House Web site:

Companies House

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