Which type of company to use

The following gives a brief guide to the various types of companies that can be incorporated and their various principal functions. More detailed information can be found under each separate heading within this section and in the customer support section.

Tailor Made UK Limited Company

• Private Limited Company
• Normal commercial trading purposes
• Suits the majority of requirements in the UK
• Can undertake any nature of business
• Can operate anywhere in the world
• Members have limited liability
• Can have a sole director and sole shareholder
• Must also have a company secretary - there must be at least two separate officers (director/secretary)
• Can have corporate officers
• Recent changes to corporation tax make LTD companies advantageous to most businesses
• Can be incorporated in most circumstances within 24 hours
• Own choice of name

Ready Made UK Limited Company

• As above but registration number available immediately upon receipt of payment
• Restricted choice of name

Guarantee Company

• Non-profit corporate entity
• Suitable for clubs, membership organisations, sports associations etc
• Can apply for charitable status
• Members have limited liability
• Incorporation in 5-10 days
• Some input required from client to establish main objects

Public Limited Company

• Necessary if the company is to trade its shares to the public
• Can undertake any nature of business
• Can operate anywhere in the world
• Members have limited liability
• Incorporation within 5-10 days
• Own choice of name
• High initial capital commitment
• Must have at least two directors and two shareholders
• A private company can be converted to a PLC, so most PLCs start life as normal private companies and convert at a later date prior to flotation of the stock markets

Limited Liability Partnership

• A new type of structure introduced in 2001 in the UK. Suitable for new and existing partnerships wishing to obtain limited liability status, and aimed particularly at professional partnerships such as accountancy and solicitors firms
• Maintains tax status of a partnership
• Members have limited liability
• Incorporation in 5-10 days
• Suitable for most commercial business activities