Forming a limited company or LLP

Forming a limited company or limited liability partnership (LLP) is a relatively straightforward process.

You may already be trading or you may be considering a new business. Before proceeding, it is important to consider whether either of these represents the most suitable and tax efficient structure for you and your business.

Consideration should also be given to the following before incorporation:

• Name: A new company or LLP cannot be formed with a name that it the same or similar to one already in existence, or using a name with specific restrictions e.g. XYZ Bank Ltd
• Directors: these are the officers of a limited company. Directorship carries responsibilities and powers and it is therefore important to ensure that the company’s directors understand their responsibilities.
• Shareholders: these are the “owners” of a company. It is important to consider how shares in the company are allocated: amongst other things, this could affect decision-making and distribution of profits from the company (as dividends) or on a future sale.
• Members: an LLP does not have directors or shareholders, who are effectively both replaced by members. Designated members have additional duties. 

Once consideration has been given to these matters, we can form a company or LLP very rapidly and cost effectively.
Once the company or LLP has been formed, we can assist with all other aspects of registering the business, including:

• registration for corporation tax;
• VAT registration;
• PAYE registration (employers only);
• implementation of an accounting system.

If you require advice or would like assistance in forming a limited company or LLP, please contact us.