Talk to an Expert
0207 7230864
At Goodmen, our team is an expert in helping you set up a new limited company quickly and easily. We can help advice on the best structure to meet your needs and guide you through all the legal obligations that Companies House requires. Once your business is registered, we can also help provide company secretarial services and offer ongoing support with all your accounting and tax requirements. From bookkeeping to payroll, we’re here to help you grow.
Private Limited Company
- The most common type of company incorporation
- Primarily used for businesses that are set up to generate profit for the owner(s) of the business
- Protects personal assets by limiting financial liability to the value of the share(s) in the business
LLP
- Mainly used for professionals and consultants who want to keep the flexibility of a traditional partnership, but want to limit their liability so that personal finances are protected should the business encounter financial difficulties
- An LLP also offers flexible tax benefits, and the business won’t pay corporation tax as each business partner is responsible for paying tax through their self-assessment tax return
Company Limited by Guarantee
- Often used by non-profit organizations in the UK, for example, membership organizations, charities, and sports clubs
- This type of company structure protects the personal finances of the company owners in the same way a Private Limited company protects shareholders – although instead of shareholders and shares, this structure has guarantors and guarantees
- Profits are typically re-invested back into the company. Although guarantors can take profits from the company, doing so will mean any charitable status will be relinquished