Setting Up a Company
Setting up a company can be exciting but also daunting as it brings many obligations. We recommend that you seek our advice as to whether an
incorporated (limited) company is the best and most tax efficient way to run your business.
Here are some of the common reasons for setting up a limited company:-
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You may already be in business yourself, and reached a point in the development of the organisation where forming a limited company is the next
natural step. This may be because of the size or because of the complexity of the business itself.
Expansion of an Existing Business
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You may have developed a product or services which you wish to market and sell. Or perhaps you wish to purchase good or services, or purchase a
property . In such cases, limited liability protection may be preferrable due to the nature of the contract that you wish to enter into. Essentially,
this allows the owners of a company to step back from a contract, and allows the company - as a separate entity in law -
to enter into contracts itself.
Limited liability gives the owners of the company (its shareholders) protection if the company fails.
This means that if a company is put into liquidation, the people who own the company will only be required to pay what they have already paid or
agreed to pay towards settling its debts.
Limited Liability
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There are some industries which require you to form a limited company, before you can supply goods or services. For example, if you become a
contractor in the IT industry or any position requiring you to contract for your services , but not as a full time employee.
Industry Requirements
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If you have a business, which has run successfully for several years, you may wish to bring in others. Either to reward others for their success or ,
perhaps, to ensure that the business continues to grow. Forming a limited company allows you to give a ''share'' of the company to others, whilst not
necessarily giving up control.
Shared Ownership