A public limited company (PLC) is a very common designation.
This represents a company that is allowed to offer its shares to the general public.
As with any other designation, a PLC has certain requirements.
It requires, firstly, a trading certificate.
A minimum of £50,000 worth of share capital is necessary, with a quarter of that paid for.
Two directors, one which may be the company secretary, and two shareholders are also minimum requirements for forming a PLC.
Another common designation is known as a private company limited by shares, also referred to simply as "Limited" or "Ltd".
This type of company has shareholders who have limited liability; unlike PLCs, the shares of a Limited company may not be offered to the public.
There are a few basic requirements in forming a Limited company: £1 of share capital, company accounts that must adhere to certain filing requirements, and it must have a registered office.
Limited liability partnerships, or LLPs, are corporate bodies whose legal existence is generally independent of that of its members.
The members of an LLP share a collective, or joint, responsibility; they usually agree to an LLP agreement, but no single individual is held responsible for any other partner's actions.
A professional formation agent can help you better understand the intricacies involved in forming an LLP.
These are just a few of the more common types of company and corporate designations available in the United Kingdom.
Depending on the set up or arrangement that you may have in mind, one or none of these three examples could suit you.
Figuring out the proper course to take can be greatly simplified by hiring a professional formation agent.
The requirements of Companies House can be quite confusing and difficult to navigate for people who are unfamiliar with it.
Each different type of company comes with its own requirements and regulations.
The kind of name that you would like to use can also be limited depending on which type of company you end up forming.
All of these sorts of details are useless to speculate on unless you have decided whether to form a Limited, PLC, LLP or other type of business.
If you have partners already lined up, then you should definitely consult with them about how to proceed.
After you have determined which type of designation best suits the needs of your company, you can proceed with the actual formation.
The easiest and most efficient way of accomplishing this is definitely by hiring on an excellent formation agency.
Using cutting edge technology, such as online filing, a reputable agent can help streamline the process and make it as painless as possible.
In no time at all, you can embark on your business venture and making a profit.