Different Types of Companies

Posted on September 5, 2010
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If you are just setting out in business, you might be wondering what the different types of companies are.

The basic type is a sole trader where you as an individual sell a product or service. As far a the tax man is concerned, there is little difference between you and the business.

A partnership is just 2 or more people trading in the same way as a sole trader.

But the big step is registering with Companies’ House and creating a limited company. This organisation has directors in charge of it and shares that make up the liability.

With a limited company, the people owning it have a share of the ownership, and their liabilities are limited to an agreed amount. There are employees on salaries and the accounts are filed and publically available.

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