As seen in the previous article, the process of opening an company It depends on its type. There are a variety of different Company types no UK. Therefore, you must choose one of the most suitable options for the entrepreneur and the type of business to create. Similarly, it is important to know the various national support to startups existing.
This is the preferred option if you want to work autonomously and manage the business on their own. Here, the entrepreneur can keep all the profits company after paying the taxes due. However, you will have full responsibility for any debt that company entails. The name of company need not be registered and may be the founder of the name of this or another unless it is registered and used in another company.
Who decide to follow through this business structure, must keep records of income and business expenses for tax reporting. For this, it is necessary to request a number of National Insurance, and later the record for self-assessment in the entity ःNhric (Revenue and Customs Her Majesty).
If the entrepreneur has never sent return to this entity, it is necessary to online registration. Then HMRC will send a letter to the Taxpayer Single Reference (UTR) and this can activate online account prepared after the registration for the self-assessment service.
Society Private Limited (Ltd)
in this type of businessThe properties of company They are independent of the entrepreneur's personal property. The limitation of this company It can be for shares (usually companies that derive profit) or by collateral (usually non-profit companies). In the case of shares, company It has shareholders and can keep the profits generated by this, after payment of taxes due. On the other hand, in the case of guarantees, company It has spinners and profits are invested. The name of company is at the discretion of the founder, it is only necessary that ends in "Limited" or "Ltd" or its equivalent Welsh. This name may not be equal or similar to the name of another company registered.
Before register these Company types no UKIt is necessary to define which are the directors and a secretary. This director has the responsibility to keep records relating to the company. As details of the directors, shareholders / guarantors, secretaries, voting results, transactions when someone buys shares companyAmong others and also financial records such as money received and spent by company, Property assets company, Debts, assets bought and sold, among others. These records are useful for the annual accounts and tax return company. In addition, HMRC may want to consult them in order to determine whether the company It is paying the proper amount of taxes. The director is also responsible for reporting any changes in the company to Companies House.
The last important duties of a director of a private limited company is the submission of accounts at Companies House, the tax return company in HMRC and the payment of corporation tax.
Method for registration of a Ltd
For the registration of Type of company, Completing two documents are required: memorandum of association and proper articles of association. The first is a legal declaration signed by all the shareholders / guarantors which say they agree with the company formation. The second consists of rules described on the agreed management by shareholders / guarantors, administrators and secretaries of company. If the registration is done online, the preparation of the memorandum as this is necessary is not automatically created as part of the process.
O Business Registration It has a cost of £ 12 and must be done in Companies House. Later, this will be sent an incorporation certificate confirming that the company there legally. This record is typically done within 24 hours. If you do not want to do this online, there is the option of sending mail by using a specific form, And these applications have a cost of £ 40 and takes between 8 to 10 days. If there is any hurry in the creation, this letter should be marked "Registered on the same day" and be sent before 15h at a cost of £ 100. Other options are to use an agent or third party software.
You must also choose a SIC code, which is used to identify what the company make and record in ःNhric if you have not done.
Society Public Limited (PLC)
Estes Company types no UK is similar ace limited private companies, distinguishing himself in his actions that can be purchased by the public. It is also required a minimum capital of £ 50,000 with at least 25% of this amount paid before the start of activity company.
It is Type of company is similar ace limited private companies, with the main difference comes when insolvency occurs company. Thus, the shareholders / guarantors have unlimited joint liability, which means that they can use the personal assets if the company is unable to pay its debts.
It is the simplest form of two or more people to manage a business together. These partners jointly share responsibility for the debts and expenses generated by company and profits are shared equally by them. In addition, each partner pays tax on their share of company. This type of business has to be registered in ःNhric for tax purposes. Therefore, you must choose a name and a named partner which is responsible for managing the tax returns of the partnership and maintain proper records.
Estes Company types no UK It is similar to general partnerships. However, this should be at least one general partner and a limited partner with responsibility levels by company many different. Regardless of the type of partner, everyone pays tax on its participation in the profits of company. These partners can be individuals or companies, can not be simultaneously both types. The name of company It is at the discretion of the partners provided they do not choose a name already used by another registered company.
You must also have a registered address. This should be the country where the physical company It was recorded and followed the appointment of the general and limited partners. As a limited partner, this can contribute money or property for the company when it is established and its liability is limited to the amount contributed. This does not have the power to run the business and must be registered in the ःNhric for payment of taxes.
As a partner, it is liable for the debts brought about by company and controls and manages this. It also has the freedom to make important decisions and has the duty to register company na Companies House and on ःNhric as well as register as an individual in the latter.
Registration of a limited partnership
To Business Registration, The fulfillment of a need form. where all partners must sign. It must then be mailed with a rate of £ 20 associated. The Companies House usually records the business within 5 days after the registration. However, if any hurry, can be written in the letter "Registration on the same day" at a cost of £ 100 and this is recorded on the same day if it arrive before 15h.
Partnership Limited Liability (LLP)
It is type of business is set to 2 or more partners may be individual or company, And are designated as corporate members. Each member pays the tax due on their participation in companyBut is not liable for any debts that company can not afford. The name of company It can not be equal or similar to one another company registered. Furthermore, it should end in "Limited Liability Partnership" or "LLP" or equivalent Welsh.
Associated with the record should be drawn up a contract that tells you how the LLP will run. This includes information on how profits will be shared among the members, who needs to agree on the decisions of company, The necessary responsibilities of members and how they can get in and out of the partnership.
You also need a physical address in the same country where the company It was recorded. Similarly, you should have at least two designated partners and the other members there is no minimum number and each member must register with HMRC.
The members appointed have more responsibilities in company than the others. That is, one of the duties is the business registration in ःNhricAppoint an auditor if necessary, keep accounting records, prepare, sign and submit the annual accounts for the Companies House and inform this about any changes and register now equally at Companies House.
The LLP can be recorded using approved software, taking about 24 hours for it to be registered, there is also logging options on the same day, by mail or through an agent. Once the company is registered, it is sent a certificate of incorporation.
This is a Type of company there is to invest any profits made to meet the charitable objectives, social or community, instead of distributing among the shareholders. This business is structured similarly ace limited companies and include charities, cooperatives and community interest companies (CIC).
It is a non-profit organization established by an agreement between a group of people, such as volunteers and sports clubs groups. This one Type of company need not be registered and has no cost associated with that its members are personally responsible for possible debts and contractual obligations.