When starting out a business, it is important that you give a good thought about the form of business you would use for business. There are several options of business structure you may like to consider including the following.
Generally people like to use limited company for business. In a limited company, it is the business itself that shoulders the liability as opposed to the individuals that run it.
Limited company
You can set up a limited company yourself. This involves drawing up certain documents such as Memorandum and Articles of Associations and relevant registration forms for filing with Companies House together with the statutory registration fee of £20 and the fee is reduced to £15 if register online. Alternatively you can opt for a same-day service for a fee of £50 or £30 if register online.
If you require help in registering a limited company, Concise Accountancy offers form a limited company services. Select the company formation package that is best for you, we will handle the entire registration process. Hassle free for you.
Limited liability Partnership
An LLP can be formed by registering a name at Companies House for a fee of £20 or £50 for same day registration. You need at least two people as the designated members and responsible for getting the accounts audited, sending an annual return to Companies House and so on. Accountants at Concise provide LLP registration services for a fee where we will handle your registration application for you.
Ready made Company
The quickest way to incorporation is to buy an off the shelf company. Ready Made Companies will have been issued with a certificate of incorporation and have all the relevant forms and documents being filed with Companies House. You can start trading straight away.
You may also change the name of the Ready Made Company if you wish. Concise Company Formation will handle the entire changes in the company ownerships and official appoinments for you.
Partnership
It is equally simple to start a conventional partnership, as you do not have to get a written partnership agreement but this would not be a sensible or businesslike approach. Get a solicitor to draw up a written agreement that covers things like profits split, work split, and tax split and partner changes.
Sole Trader or sole Proprietor
It is very easy to start up as a sole trader. Simply register with HM Revenue & Customs (HMRC) within three months of starting out. This form of business provides unlimited liability to the owners and your personal assets can be used to pay off your debts if your lenders or creditors demand payments from you through legal system.
It is the time to make the decision on which business structure is suitable and start your business. Business startup and company formation team at Concise Accountancy wish you all the best.
