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A limited company is an organization which is one of the most common types of legal entities you can set up to run you business in the UK. In general, a limited company is responsible in its own right for everything it does and its finances are separate to your personal finances/assets this is based on the traditional English doctrine of “Separate Legal Personality”. This means that the shareholders’ responsibilities for the company’s financial liabilities are limited to the value of shares that they own but haven’t paid for.
Register a private limited company means all profit it makes is owned by the company, after it pays Corporation Tax. The company can then share its profits by declaring the dividends to its shareholders.
In terms of ownership, every registered limited company has ‘members/shareholders’ or another organization (“Corporate Shareholders”) who own shares in the company. At least one director will need to be appointed to the company board and will have the responsible for the day-to-day running of the company management. Directors often own shares but they are not required to. Under the UK Companies Act only one director and shareholder is required to form a company and the positions can be undertaken the same person.
There are a number of legal responsibilities involved with being a director and running a limited company. But what is important for you to know is that company directors aren’t personally responsible for debts the company fails to pay if it goes wrong, as long as they haven’t broken the law.
To thrive, there are a number of advantages of in register a private limited company in the UK. Notably it’s the tax advantages afford by UK tax policies such as Annual Tax Exemption and Tax Roll-Over Relief for business.
Setting up a business involves a number of knowledge and steps that need to be followed if you want to get things right. At Archers, we help you to choose the most suitable business structure together with on-going business advice to ensure your business venture to achieve a positive result.