A limited company is a company where the liability of the share holders is limited. It is the most popular type of organization in the UK, as well as worldwide. The reason for its popularity is that the company and the owner are treated as two different entities in the eyes of the law. The owner’s personal wealth and assets are totally separate. In case it faces any kind of financial crisis, the property of the owner is safe. In case of bankruptcy, the shareholders are liable to pay only the amount that is unpaid on the shares, which is usually zero.
Limited Company: Types
This type of organization must have the word “limited” as a suffix to its name. It is also liable to pay corporation tax. There are mainly four different types of limited companies:
* Private Company Limited by guarantee
* Private Company Limited by Shares
* Public Limited Company
* Limited Liability Company (LLC)
* Limited Liabilty Partnership (LLP)
New Limited Company Formation
A limited company can be formed very quickly, either by registration directly with Companies House or via online formation agents. These companies are governed by English law (Companies Act 1985, Companies Act 1989, Companies Act 2006). All that you need to form an organization are:
* The intended company name
* Registration application
* Name of the Director
* Name of the Secretary
* Registered address within the UK
* Filing of important documents
The important documents required are:
* Application of registration
* Memorandum of association
* Articles of association
* Forms IN01
Limited Company Registration by Online Agents
This type can be easily registered in the UK from any part of the world via the internet and with the assistance of online company registration agents. These agents provide various services and guidance to set up and run your company. They provide these services at very reasonable costs. You can get your company registered within a few hours once you fulfill all the required formalities.
Obligations in Forming a Limited Company
The obligations that need to be fulfilled include:
* The employees of start a new ltd company read here the company have to pay for national insurance and income tax.
* Annual accounts must be filed within 9 months of the ARD.
* Filing of annual returns is also mandatory with Companies House.
* Annual tax return is also compulsory to be filed with Companies House.
Remember, while choosing an online agent from the multitudes available online, ensure that you choose someone who is credible and has a track record of satisfied customers. With 25 years of experience in this arena, A1 Company Services Limited is one of the most trusted online registration agents with vast experience. To know more about the services offered, visit a1companies.com today.