Company Formations
Company Formations
Forming a company is a relatively straightforward exercise and there are many service providers that will set up a company for you on the same day.
These are, of course, useful if you just need a company setting up and do not need legal advice. However, there are numerous legal issues that need to be considered which you may not be aware of. For example, you may need advice on the legal implications of becoming a director, advice as to your rights as a shareholder or advice on tax issues. You may also be unsure what type of company is best suited for your business. In such circumstances, it is important to seek the advice of a solicitor.
If you are considering setting up a business, it’s worth thinking carefully about which structure best suits the way that you intend to do business, as this will affect:
- which authorities you have to notify that your business exists
- the tax and National Insurance that you pay
- the records and accounts that you have to keep
- your financial liability if the business runs into trouble
- the ways your business can raise money
- the way management decisions are made about the business
There are several structures to choose from, depending on your situation. A lawyer can help advise on which structure would be the most appropriate.
- The six types of company structure to consider are:
- private company – limited by shares
- private company – limited by guarantee
- private unlimited company
- public limited company (PLC)
- Societas Europaea (SE)
- European Economic Interest Grouping (EEIG)
You can handle the registration process yourself, but it is a good idea to seek professional advice before you do so to ensure that incorporation is right for you.
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