Why do I need a Ltd Company?
A Ltd company has an identity separate from the persons that own it. There
are certain advantages to this. Firstly your liability is limited, which
is especially important if you are working in high risk contracting areas.
There are also potential tax advantages to working in this way. Finally,
if you are going to take on employees then it is preferable to operate
as a Ltd company.
What Type of Company?
There are three main types of private company:
Company limited by shares
- the members' liability is limited to the amount unpaid on shares held
by them.
Company limited by guarantee
- the members' liability is limited to the amount they have undertaken
to contribute to the company's assets if it is wound up
Unlimited company
- there is no limit to the members' liability
The most common private company is that limited by shares.
Member(s)
The member(s) are the owners of the company. There is no minimum requirement
so far as the number of members is concerned. However, if there is only
one member then decisions taken by that member must be conveyed to the
company in writing.
How do I Form a Company?
Your accountant or solicitor should be able to help you with this. Alternatively
you can contact a Formations Agency, which is often cheaper.
Click
here to check if the company name
you have chosen is available
Click here for a list of Company Formation Agencies
(coming soon)
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