Giving your Company a Structure in the UK

Formation of a company is a complex business. One of the first things that one is required to do is to decide upon a suitable business structure when starting a company. For those new to this business, there is hope. Many registration agents in the UK not only help with this, but forming a company with them is also a complete process that includes registration and many other services. You’ll have a company ready in no time.

Companyformation247.co.uk is one such formation agent that offers an electronic system to form a company. You begin by deciding which company structure is most suitable. You can choose from various company structures like ready made companies, UK limited companies, Limited Liability Partnerships (LLPs), public limited companies etc.

Formation of limited companies is suitable for certain types of business. A company which is limited is characterized by the fact that it is suitable for non profit organizations. However, such a company also needs a corporate status. Few organizations may need to register as a ‘Limited by Guarantee’ company. So formation of a limited company is usually right for trade associations or clubs, societies or educational establishments.

Such a company does not have a share capital and so does not have shareholders. Instead, a limited company will have members. The members of the company guarantee to contribute a sum of money, which is a specific sum written in the Memorandum of Association. This happens in the event of the company being closed down. The Memorandum of Association usually has a non-profit distribution clause. It therefore cannot declare a dividend.

On the other hand, formation of LLPs will suit the needs of a few other clients and businessmen.
An LLP comes with the benefit of flexibility of partnership. Such a business structure is very popular with professionals like accountants or solicitors. Then there are others too who go for an LLP incorporation like chartered surveyors, dentists, architects etc.

The LLP has to file an Annual Return and Annual Accounts with Companies House. A minimum of 2 partners of such a company should be ‘Designated Members’. Such members are responsible for meeting the statutory requirements of the LLP. This means filing and preparation of the Annual Return and the Annual Accounts.

There is no need for a Memorandum and Articles of Association for an LLP. However, the partners could make sure that an agreement stands within the members. This is in the form of an LLP Agreement.

A basic Limited Liability Partnership agreement can be obtained very easily at companyformations247.co.uk. They can also help form a company in less than 3 hours, irrespective of what structure you opt for. They have three value-for-money packages and a host of related services for forming a company. Everything that is required for the formation of a company is therefore under one roof. The website is full of information and is very user friendly, which makes business a pleasure.