Company Formation

One of the tasks that needs to be completed when setting up a business is company formation.

There are a wide range of different ways that companies can be formed.

Here we will discuss the options, and how they work.

Sole Trader

It is possible to trade as a sole trader, which basically means that you are providing your product and service in your own name. There is no legal distinction between the owner and the business.

The owner receives all profits (subject to taxation specific to the business) and has unlimited responsibility for all losses and debts.

http://en.wikipedia.org/wiki/Sole_trader

Limited Company

A limited company is an entity which is formed and the liabilities of the members or subscribers of the company is limited to the amount which they have invested to form the Company.

Limited companies may be limited by shares or by guarantee.

http://en.wikipedia.org/wiki/Limited_company

Comparison table.

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Partnerships

A partnership is an arrangement where parties agree to cooperate to advance their mutual interests. The partners interests and the businesses interests are treated as one, and the partners has unlimited responsibility for all losses and debts.

Limited Liability Partnership (LLP)

A limited liability partnership is a partnership which is set up where the partners have a limited liability. It has elements which are displayed in both partnerships and corporations.

http://en.wikipedia.org/wiki/Limited_liability_partnership

 

We provide company formation services, which can help you to get your business quickly formed.

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