Which Type of Limited Company is Right for you?
Posted on 25th August 2021 at 16:56
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Limited liability can protect the owner of a company from personal loss or even bankruptcy, which a sole trader could not avoid. Take the stress out of making it official and form your company with the National Business Register here.
PLC (Public Limited Companies)
Owning a PLC offers prestige and perceived status. PLC companies do not have to be listed on the Stock Exchange or Alternative Investment Market and many PLC shareholders/directors choose to retain control over their company at all times. Form your PLC with the National Business Regitser here.
Guarantee companies are usually run for the benefit of members of a club or association to raise funds for the benefit of others. The "guarantors" give a personal amount they will pay in the event the company fails and owes debts. If they wish, members can give an unlimited guarantee and be responsible for all debts. Can also be used for flat management. Form your guarantee company with the National Business Register here.
LLP (Limited Liability Partnerships) Companies
An option for companies with two or more owners, the partners can limit their personal liability and avoid putting their personal assets at risk. Mostly used by accounting and law firms. Form your LLP with National Business Regitser here.
CIC (Community Interest Company)
This is a limited company with extra features to mark it out as a Social Enterprise. CIC’s are easy to set up, with all the flexibility and certainty of the company form, but with some special features to ensure they are working for the benefit of the community rather than private individuals. Form your CIC with National Business Register here.
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Tagged as: Community Interest Company (CIC), Company formations, Guarantee company, Limited company, Limited liability partnership (LLP), NBR services, Public limited company (PLC), Setting up a business, start up
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