Forming a Company
Forming a company has many legal and tax implications that can be frustrating and distract you from running your business effectively. Taxaccolega provide a convenient, hassle-free service for a low-cost fee and will give you easy-to-understand advice about how to form your business.
Not only that, but are team of specialists will help you draft a business model that clearly sets out your targets and puts proven strategies in place to ensure the long-term success of your company. We will also prepare a financial plan and ensure your accounts and tax liabilities are in order so you can run your business with peace of mind in the knowledge that your financial affairs are in safe hands.
Choosing the type of company you want to start
When you start a company you have several options. The first thing you need to decide is what type of company best fits your personal interests and your business model. We will advice you of all the legal and tax implications associated with each and help you reach a decision which type of company is best for you. Below is a brief overview of our options:
Limited by Shares
- This sets the company up as a separate legal entity which is owned by shareholders who are free from personal liability should your business run into financial difficulties.
- If the business runs into trouble, the amount that shareholders are liable for is limited to the value of any investment they have made in the shares of the company.
- Any profits made belong to the company and can either be reinvested in the company or passed onto shareholders using dividend payments.
- The company cannot sell shares to the general public
Private Company – limited by guarantee (LTD)
- Companies limited by guarantee are often social enterprises, charities or other not-for-profit organisations, such as sports clubs or political parties that do not have owners.
- All profits are reinvested back into either the organisation itself or its objectives.
- Members of the company do not purchase any shares in this type of company.
Public Limited Company (PLC)
- This type of company is similar to that of a private company limited by shares. However the main difference is that its shares can be sold to the public. As a result there are a number of additional legal requirements that must be met.
Note: we do not currently handle PLC´s.
Private Unlimited Company
- This type of company can have share capital, but may choose not to. There is no limit to the members’ liability. Private Unlimited Companies disclose less information than other types of companies because the members’ liability is unlimited.
Note: we do not currently handle Unlimited PLC´s.
Cost of forming a Company
Our affordable company formation packages start from just £19.99* and we will also arrange a bank account appointment with a business bank manager. You can also use our office address as your company registered office at only £8.00/month.
*The fee of £19.99 plus the £15.00 fee to register your business with Companies House, is only applicable if you open your business bank account through us. For more information about the services we offer to help you form a company and manage your business accounts call us now on 08000 235 234 or email us on firstname.lastname@example.org.