Have you thought about how you should structure your business?
It’s time to review your set up options and decide what’s best for you and your business. Read the description of some of your options below.
- A private company must be registered with Companies House and file its accounts annually with Companies House and send an annual return report to Companies House. Private companies must have at least one member and one director.
- A public limited company must have at least two shareholders and at least two directors, be registered with Companies House and have issued shares to the public of a value of at least £50,000.
- Business Partnerships In a business partnership, a partner can be an individual or business, the profits and gains of the partnership are shared with the partners. Each partner must be registered for Self-Assessment with HMRC and is responsible for paying tax on their share of the profits. An LLP must have two designated members.
- Sole Trader As a sole trader you do not have to register with Companies House. You are personally reliable for any debt that the business runs up.