2006-07-13 21:55:16 · 15 answers · asked by i_b_moog 3 in Business & Finance ➔ Investing
MonkeyMan is a little confused...
You can be a sole trader or partnership and start today - you simply keep records of income and expediture for the business and excess income will be taxable in the same way as your own salary...
To form a Ltd liability company it is easier to use an agent such as:
http://www.duport.co.uk/
.. in the UK. It is cheap and they make sure that the paperwork is all done correctly. You then need to make sure that you produce accounts, file annual returns, etc... It may be easier to get advice from an accountant on the official records you must keep, etc...
I would say do your research first (companieshouse.gov.uk has some good resources) and plough ahead after you feel more knowledgeable.
Be sure to talk to a couple of accountants about their services - they should given you 30 minutes by way of a "sales" chat.
Good luck!
PS no I have no connection to Duport - I have simply used them - as another answer said try google/yahoo search and compare what they do
2006-07-15 00:17:10 · answer #1 · answered by Aidy 2 · 2⤊ 2⤋
In the UK to form a Limited company you need to register your Ltd. Company with companies house and you need two people to act as a director and a company secretary.
You can do this yourself with a solicitor but it's quite expensive, you can also google for a company that will do the job for you for around £99 + VAT, which is cheaper and more straightforward.
This kind of company has limited liability (usually restricted to the assets of the business) unlike a sole trader or partnership both of which are subject to unlimited liability and could lose their homes etc. to pay off business debts, legal issues etc.
As for a public limited company, you need to have a valuation of at least £20 Million for your company and then you need to arrange a flotation on the stock market. A public limited company (PLC) has limited liability again but this is against the value of the shareholding.
2006-07-13 23:57:22 · answer #2 · answered by nkellingley@btinternet.com 5 · 0⤊ 0⤋
No no no no no!!
To start a private limited company, you can be a sole trader. This is when you go into business yourself, by yourself. This is now a private limited company. This can be anything from doing a bit of window cleaning, to being the only owner of a multi billion pound organisation. However, the liability is unlimited. If anything goes wrong, you will have to pay. For example, if you broke the window you were cleaning, you will be liable, but, if any profit is made, it's yours.
You can become a private limited company as a partnership but it is very much the same as a sole trader, just you share everything with your partner(in business).
To become a public limited company, you need to registar and be prepared to sell shares of your company to anyone who wants them. This will be on the stock exchange. This will then delegate your power, decrease your profit (to start with) and take responsibilty away from you if anything goes wrong. You need to have £50,000 share capital to become a plc.
2006-07-13 22:10:59 · answer #3 · answered by MonkeyMan 2 · 0⤊ 0⤋
Very simple, Go to the Registration Of Companies, they will help you to form the company you desired. With two person you can start a Private Limited company, where as to start a Limited company you need more than two person. Forming Private Ltd company is easier than Limited company. Ltd company have many criteria's.
2006-07-13 22:00:15 · answer #4 · answered by Jaffs G 3 · 0⤊ 0⤋
I'm with Aidy. You have another option: the Limited Liability Partnership. That's the structure that lawyers and accountants like for their own businesses. The model that works for you depends entirely on what you're planning to do. You want to speak to your local enterprise company or Business Gateway before you decide on what to incorporate. Don't get it wrong at this early stage - it costs a hundred to do it right, and thousands to unpick it if you do it wrong.
2006-07-15 08:14:53 · answer #5 · answered by wild_eep 6 · 0⤊ 0⤋
Write to companies house
2006-07-15 13:36:44 · answer #6 · answered by kevinmaciver 1 · 0⤊ 0⤋
go to Companies House
2006-07-15 04:13:33 · answer #7 · answered by Conservative 5 · 0⤊ 0⤋
Sign up for a government business training course if in the UK, like I did in 1989... you'll learn everything you need to know and wont need to ask strangers!
That's not the way to start a business... it looks amateur and will set you up for a serious fall!
Don't part with any money except for the training course... until you have the knowledge!
2006-07-15 01:01:18 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Easier to buy ready made company off the shelf for as little as one hundred pounds.
Try it on the web for ready made company.
2006-07-13 22:04:52 · answer #9 · answered by Anonymous · 0⤊ 0⤋
you have to register your company with company house for legal reasons but a plc is share based with investors and a private one is owned by a family.You need to contact a stockbroker to float a plc and probably a solicitor.
2006-07-15 08:49:47 · answer #10 · answered by Anonymous · 0⤊ 0⤋