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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.

Liability:

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

Management:

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.

Finance:

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

Profits:

Dividends are paid to the shareholders.

Taxes Etc.:

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

Continuity:

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

 Details:

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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