Types of companies in the UK
Private Limited Company (PLC)
In the United Kingdom, the most commonly registered companies are share-limited. This standard structure is suitable for business owners intending to generate profit with their newly formed companies.
This type of entity is so widely used because it permits profit sharing among the shareholders and at the same time provides restricted liability. The partners carry legal responsibility for the entity’s debts to the extent of their own contribution to the company’s capital. Thus, in times of financial difficulties for the company, any other assets of the shareholders are protected.
Our options for company formation are designed to help you set up a PLC in the simplest and easiest way possible. We offer a range of packages starting with the basic Economy option. It provides the minimum requirements for the official registration of your company. At the other end is the All Inclusive package offering various advantages, e.g. a prestigious location for your registered office, mail forwarding, registration for VAT and pay-as-you-earn (PAYE) tax and submission of the first Yearly Statement of the company. There is also an option for non-residents providing the registration of a PLC and a complete list of British address services for international mail management so that you can easily operate your company when you are not in the United Kingdom.
Guarantee Company (GA)
In the UK this entity is mostly used by organisations that do not generate profit. Its structure secures the personal assets of the owners much like a share-limited company. In this case, instead of shareholders/shares, there are guarantors/guarantees. The liability of any guarantor is limited to the cash they guarantee upon company formation. In this case, the company’s owners do not share profits. Any generated income is returned to the company to facilitate the achievement of its goals. There are cases when the guarantors may claim a part of the profit, but such actions would renounce the GA’s right to file an application for charity status.
Our package for formation of a guarantee company includes all necessary services for setting up a limited liability non-profit entity for only £29.99 (VAT not included).
Limited liability partnership (LLP)
This entity is suitable for clients who wish to set up a business in industries operating traditionally as partnerships, e.g. in the field of law and accountancy. The LLP has an important advantage over the common partnership as it protects the personal assets of the partners from liabilities, in case the company encounters financial difficulties.
Another benefit of the LLP is that it allows the partners to remain relatively independent: each of them pays their own income tax by completing a self-assessment, instead of the business paying an aggregated corporation tax.
Our specifically designed LLP option provides great value for money at the total cost of £34.99 (VAT not included). The package offers all necessary services for setting up an LLP, including digital and hard copies of all documents and a model agreement template (to conclude the LLP agreement, printed and bound upon request).