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Company Registration

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UK Business Planning provides a fast and effective Company and Close Corporation registration service. When considering a new start-up business, owners need to consider which legal entity would be best suited to operate his or her business in. There is a host of legal entities to use and the choice can become complicated.

At SA UK Business Planning we would highlight the pros and cons of each legal entity and leave you to make an informed choice.

Let’s look at the different legal entity options for running a business in th UK:

Criteria Sole Trader Partnership Close Corporations Company
Legal representation You You and your partners The Close Corporation. Any member of the CC can enter into an agreement on behalf of the CC The company. Members need to be formally authorised to act on behalf of the company.
Owner of business assets You You and your partners The Close Corporation The Company
Responsible for the business debt and other liabilities You You and your partners, joint and several The Close Corporation unless members run the business while insolvent The Company
Registration formalities (other than Tax and local / regional requirements) No formal registration document. Require a partnership agreement. Register a CK1 registration form with the registrar of Close Corporations Register the company with the registrar of Companies
Number of business partners that share in the risk and reward of the business Only You You at least one other partner. A maximum of 20 partners allowed A Close Corporation can have a minimum of one member and a maximum of 10 A Company can have one shareholder but it is unlimited in the number of shareholders
Registration costs and timing No registration cost and you can start the business immediately Cost connected to the partnership agreement See our fees and rates for registration costs. It takes approximately 3 weeks for a new CC to be registered. * We will have to quote for the registration of a company on a case by case basis. It takes approximately 1 month to register a new Company.
Ongoing costs (in addition to normal bookkeeping and tax consultancy costs) None None – the tax consultancy tent to be more complicated and costly than a sole trader Cost of a registered Accounting Officer Cost of an annual audit.
Termination of the business Either by decision or death of owner Either by decision of all partners or the death of the last partner Formal liquidation or de-registration of the Close Corporation Formal liquidation or striking off of company
Raising finance and business credibility Dependant on your assets and abilities Dependant on the partner’s assets and abilities The close corporation is able to raise finance in its own name. The close corporation owns brand value The company is able to raise finance in its own name. The company owns brand value.

* A pre-registered Close Corporation could be bought and would be ready for immediate use. Regardless of opting to trade as a sole trader, partnership, Close Corporation or Company we can assist you to register your business.

To discuss your current needs please don't hesitate to contact us directly by filling in the contact form below.

N.B. Please note that although we can inform you about the tax consequences of various trading structures we are not able to provide you with tax advice at present.

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