Higgisons Logo

 

Home | Contact us | About us 

Institute of Chartered Accountants

Start Ups


Starting up in business

There are five different legal forms of business;

If an individual wants to work on their own, their choice is either sole trader or limited company. If an individual wants to work with others, the choice is between partnership, limited liability partnership, limited company or cooperative.

Whichever form your business takes, Higgisons has the expertise to support you. Why not give us a call today?


Sole Trader

In legal terms, the sole trader operates as an individual. Business finances cannot be separated from personal finances insofar as the sole trader carries unlimited liability and is personally responsible for obligations incurred.... read more

back to top

Limited Company

A limited company is a separate entity from the individuals who own it. It has a distinct legal personality. A company can take many forms, including a privately-owned company, a public limited company and a company limited by guarantee....read more

back to top

Partnership

By definition a Partnership is the coming together of two or more individuals for their common good. Like the 'Sole Proprietorship', the Partnership is almost totally exposed to third party actions. Legally, a Partnership can often be formed with no written agreement; however, one would be ill advised not to set-out the rights and obligations of the partners....read more

back to top

Limited Liability Partnership

An LLP is an alternative corporate business vehicle (introduced April 6th 2001) that gives the benefits of limited liability but allows its members the flexibility of organising their internal structure as a traditional partnership.

Any new or existing firm of two or more persons will be able to incorporate as an LLP in England, Scotland or Wales. It is not possible to convert a company to an LLP or vice versa. LLP's are not available to Charities, there must be a view to profit.

LLP's are similar to companies in the respect that they will be required to provide financial information equivalent to that of companies, including the filing of annual accounts. Also they must notify any changes to: The LLP membership; members' names & addresses; the Registered office

Formation and names
Administration and management

back top top

Cooperative

A cooperative is a group of people operating through a jointly owned and democratically run organisation. The type of cooperative varies. For example, this could be a group of workers who own the organisation they work for, or consumers who join together to buy more efficiently, or an agricultural cooperative where farmers join forces to strengthen their bargaining power. Cooperatives are underpinned by strong values, such as self-help, democracy, equity....read more

back to top

 

Site Map | About Us | Legal | Contact us | links

©Copyright 2005 - 2013 Higgisons Chartered Accountants, 381-383 City Road, London, EC1V 1NW
020 7837 4433 - enquiries@higgisons.com

Site built by BedfordBeck Web Design