Aside from the sole trader route, the limited liability company is the most popular business structure in the UK.
With a limited company, the liability of company directors is ‘limited’ in that the company’s finances are separate from the personal finances of the business owner. This is not the case for those who run their business as a sole trader (self employed).
Limited company shareholders are not responsible for any debts run up by the business, although banks may ask company directors to provide loan guarantees for commercial loans or credit taken out in the company’s name. (more…)
The inspiration to start a business can come anywhere at any time: in the pub, in the shower, in the supermarket, walking the dog.
How many times has someone you know announced they’ve had a great business idea? And how many of those eureka moments ended up getting no further than a few notes on a napkin?
Why was this? Too much hard work involved? Concerns over starting a business being too risky? Worries about it needing too much commitment?
But those aren’t barriers to every business idea taking off; some ideas do make it from conceptualisation to conclusion. The difference? Dedication and passion. And perhaps necessity. (more…)
Starting a business with friends can seem like a good idea, but before you jump in and set up a company with people you are close to, you need to be honest with yourself and each other.
If you get it wrong your new business could fail and lifelong friendships ruined. So what steps should you take before going into business with friends, or any business partner for that matter?
We asked entrepreneur, Mike France, who has experienced both sides of this coin, to share his advice on how to successfully start and run a business with friends; (more…)
If you are setting up a limited company, you should think carefully when choosing your company name. Alongside the business reasons for choosing an appropriate name, there are also a number of company naming rules you should be aware of.
If you breach certain naming rules, Companies House will simply reject your company formation application.
One of the first, and most important decisions you make when you set up a new business is to decide what type of legal structure you should work under. So which business structure is best for you? (more…)
Every year, hundreds of thousands of entrepreneurs make the huge leap from working for somebody else to running their own business.
Launching your own venture is a leap into the unknown, and many new business owners discover that much of what they thought was true about starting their own business, turns out to be completely false.
There are many common misconceptions about running your own business, and being caught out by some of these can prove very costly indeed. To help you separate truth from fiction, here are 8 common myths about starting and running your own business;
If you are setting up a limited company for your business you will want it done quickly, professionally and without any hassle. That’s why we’ve teamed up with one of the UK’s leading company formation agencies to provide you with an instant online service.
When you form a new limited company, one of the three documents you need to submit is the Articles of Association.
The other forms you need to submit to Companies House together with the Articles of Association are; Form IN01 and the Company Memorandum of Association. You can read more about what information is provided by these forms in our dedicated article here.
The Memorandum of Association is one of the three documents you need to complete when registering a new limited company. The other two items you need to submit are Form IN01 and the Articles of Association.
If you want to set up a company, you can form it yourself via Companies House, use a formations agent, or an accountant will typically be more than happy to take care of the incorporation process on your behalf.