Business Registration in the UK or England & Wales is required to conduct a business. If you are planning to set up a business, it is necessary that you know the basic concepts of business formation in order to succeed in your endeavor. There are three types of business registration in England & Wales; limited liability company, partnership, and corporation. Limited Liability Company is the best suited option for small businesses. It is also the easiest to register. All you need to have is limited liability and a post office box.
The other two types of business registration are partnership and corporation. Partnership means that there are more than one partners and the company has more than one business name. On the other hand, corporation refers to a set of people owning and managing the same business. Both these types of business registration require that you select a name for the business. You can choose from the business name you want or you may also choose a name after you think that it is suitable. Find the best services for business registration hong kong or visit www.hkwj-taxlaw.hk for more about business registration.
If you do not have much money to start your business, you should go for a Limited Liability Company. In this type of business registration, you can have limited liability protection. This means that your creditors will not be able to take the business away from you if ever the business fails. Limited Liability Company also enables the continuity of operation between you and your creditors if ever your business structure changes.
The last type of business registration is a Corporation. A Corporation allows all the shareholders to have tax benefits. You are required to have a post office box and pay the appropriate tax rate. To make sure that you pay the right amount of taxes to the government, you should get a registered agent.
Besides limited liability, corporations also have another requirement when it comes to business registration in the UK. A corporation is a legal entity and therefore cannot have any direct liability. That means that you cannot be sued personally by any of your customers or clients. Your customers and clients are protected from being defrauded by the business structure of the company. However, this protection is not available for the sole proprietor of the company.
In some cases, a business structure is too weak to protect your customers and clients from fraud. For these situations, a Limited Liability Company, Corporation, or LLC, which are considered as an entity separate from the owner, is the best choice. You should note that some states may require a personal guarantee from the owner, but in most cases, a personal guarantee is not required for corporations. You can read more on this here: https://www.youtube.com/watch?v=LdMit-lKYO4.