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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
Can be incorporated in most circumstances within
24 hours
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
Company
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