Defining Your Company

The predominating type of company that covers all trading is a Standard Private Company. This will allow flexibility and almost certainly accommodate the company you wish to set up. However, there are other processes for companies registration, such as an association, a public limited company, limited liability partnership, or a not for profit company. Identifying into which bracket your business falls is critical when you come to register a company. All of these types of company are subject to various rules and specifics, so it is well worth investigating this fully.

It is highly likely your business will be a private company limited by shares. The companies Act 2006 Articles will more than likely cover your companies registration, since it is designed for Private Company Limited by Share Capital. When you register a company this will cover normal trading commerce, members having limited liability with a sole director or shareholder and no requirement for a company secretary.

The private company limited by guarantee is the best solution for not for profit companies looking for limited liability status. This form of company can use the Private Company Limited article above or the Charities Commission model, which makes it great for membership clubs.

The Public Limited by Shares or PLC article is better for bigger institutions seeking limited liability. This again uses the Public Company Limited by Share Capital article but allows the company a better public profile. Of course being a PLC allows you to trade shares with the public where its members have limited liability. To set up a PLC you must also have 2 shareholders and 2 directors to start out with and the company must have a company secretary who meets the regulations as set by the Companies Act 2006.

Alternatively, the Limited Liability Partnership allows you to retain individual taxation.

Additional articles about Company Formation

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