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Solopreneur? Here’s How to Register a Limited Company in UK
Are you a solopreneur but still struggling to answer the question of how to register a limited company in UK? From selecting the right business structure and reserving your company's name to appointing directors and shareholders, the following guide covers everything you need to know to register a limited company in the UK.
Despite having a killer business idea, if you fail to learn about the legal requirements, tax obligations, etc., your killer idea won’t reach its full potential. Whether you're a freelancer, consultant, or small business owner, you must be aware of the possible steps involved in registering a limited company in UK.
So what are these steps, and what does the term limited liability mean? Let's discover it together!
The first and foremost step in registering a limited company in UK is choosing a company structure. Most entrepreneurs generally prefer the private company option. This structure allows an individual company to easily maintain tax management without overpaying them.
As a director of a company with a private company limited by shares structure, you are permitted to withdraw a portion of your income in the form of company dividends. As a result, you will have to pay less in taxes.
What does the term limited liability mean? The term limited liability refers to one of the other benefits you get when you are offered perks/assets like a home or car from your private limited company. You won't risk these benefits even if the company gets into some financial trouble.
With your company structure decided, you must then proceed with choosing a company name. But before you decide on any of the names for your next business venture, you must check with Companies House about their availability.
Remember to choose a name that is unique, punchy, short, and memorable.
You will also need to decide on a registered office address, which can be your home address if you’re working from home (WFH).
Once you've chosen a name, the guide on how to register a limited company in the UK will assist you through the process of shareholder appointment, document completion, and submission.
Although you’re a solopreneur, you will most likely be the sole shareholder, holding either the position of CEO or director. However, you may appoint others as shareholders if you deem it appropriate.
Let's fix your accounting problems with RR Accountants's expert solutions. We're your personal accountants for finance, taxes, company advising, self-assessment and beyond. Use our customised resources to pursue your accounting.
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