As a result, please have a close look at a list of the types of companies in UK that you can register on your own or with the help of a competent incorporation services provider.
The Sole Trader
A sole trader firm is one of the simplest types of companies in UK that you can register. It allows the owner of the company run the business as he sees fit using his own capital and resources. As a result, starting up a sole trader firm usually requires less paperwork and less legal assistance to start.
However, many sole traders have difficulty locating investment capital for expansion. Moreover, all sole traders are responsible for all debts incurred by the firm. As a result, a sole trader scheme can be one of the most difficult types of companies in UK to manage correctly if one is not careful.
Private & Public Limited Companies
Many firms in the U.K. are private or public limited companies. A limited company is a type of incorporation scheme that limits the owner’s liabilities that result from the firm’s day-to-day operations. It is also a limited liability company that can issue shares to investors to raise capital.
A partnership is an incorporation scheme that allows at least two people to combine their personal resources to produce goods or services. Most partnerships are limited liability incorporation schemes that allow the firm’s partners to limit their liability to only the capital they have invested or promised to use for the firm’s use. As a result, despite its more complex nature, it is a limited liability company that offers partners all of the benefits of a corporation with fewer liabilities to consider.
A guarantee company is one of the few types of companies in UK that are non-profit ventures. As a result, no one “owns” a guarantee company. Instead, a group of people run the firm to ensure that all capital is invested wisely for non-profit purposes such as charitable or philanthropic purposes.
An offshore company is one of the types of companies in UK that is incorporated outside the jurisdiction of its base of operations. People create an offshore company to take advantage of the taxation, reporting and capitalization benefits it offers to business owners.
However, an offshore company is one of the types of companies in UK that are also highly regulated. As a result, it is a good idea to contact a business consultancy agency to learn more information about the pros and cons of starting and maintain an offshore company.