The UK has long been considered one of the leading business locations in the world, so if you’re thinking about forming a company in the UK, you will be in good company, and will be well placed to take advantage of the opportunities an international business centre brings.
James Turner, Director at company formation specialists, Turner Little, says: “With so many different types of company available, it’s essential that you choose the right structure from the start, to better your chance of building a business that thrives.”
“Although other business structures exist, such as carrying on as a sole trader or forming a partnership, forming a company means the liabilities of the owners and directors of the company are distinct from those of the company itself, so your personal exposure to creditors of the business and litigation against the business is limited,” he adds.
Forming a company in the UK can bring with it advantages, such as the ability to raise finance, formalise ownership and voting arrangements with those involved in the business. So before branching out globally, it’s important to consider the options you have on home turf. In the UK, you have four key options:
UK Limited Company Formation
A limited company in the UK is a corporation whose liability is limited by shares (Ltd), which is the most common form of a privately held company.
UK Limited Liability Partnerships (LLPs)
A limited liability partnership (LLP) is a partnership in which some or all partners have limited liability.
UK Public Liability Company (PLC)
A company used by larger companies which has a share capital which can be offered to the public
UK Guarantee Company
A company limited by guarantee is an alternative type of corporation used primarily for non-profit organisations that require legal personality.
“Each of these options has its own legal structure, and the decisions you make now can affect the growth of your business. So, if you’re interested in discussing the pros and cons, we’re here to help you decide which is right for you,” says James.
From helping to fast-track the formation of private limited companies and limited liability partnerships, to guiding you through the complexities of PLCs and the pitfalls of ‘not-for-profit’ guarantee companies, Turner Little’s experienced corporate team specialises in UK business entities. With each formation, Turner Little can also provide bespoke packages including banking arrangements, business consultancy, company secretary, registered office address and accountancy.