Limited Companies - What You Need to Know
Are you looking to set up a Limited Company in the UK? Or are you already running one? Either way, you've come to the right place. At FCCA, we provide expert accountancy services to Limited Companies across a range of industries.
What is a Limited Company?
A Limited Company is a type of business structure that offers its owners protection against personal liability for the company's debts. This means that if the company runs into financial difficulty, the owners' personal assets are not at risk. Instead, the liability is limited to the assets owned by the company.
Types of Limited Companies
There are two main types of Limited Companies in the UK:
Private Limited Company (Ltd):
This is the most common type of Limited Company, and it is suitable for small to medium-sized businesses. A Private Limited Company is owned by its shareholders, and the liability of the shareholders is limited to the amount of capital they have invested in the company.
Public Limited Company (PLC):
This type of Limited Company is suitable for larger businesses that want to raise capital by selling shares to the public. A Public Limited Company is owned by its shareholders, and the liability of the shareholders is limited to the amount of capital they have invested in the company.
Setting up a Limited Company
If you want to set up a Limited Company, you will need to follow these steps:
Choose a name for your company and check that it is available.
Register your company with Companies House.
Decide on the share structure of your company.
Appoint directors and shareholders.
Set up a registered office and company bank account.
At FCCA, we can help you with all of these steps and ensure that your Limited Company is set up correctly.
Running a Limited Company
Once your Limited Company is set up, you will need to ensure that you comply with the various legal and financial requirements of running a company. These include:
Keeping accurate records of all financial transactions.
Filing annual accounts and tax returns with HMRC and Companies House.
Holding annual general meetings (AGMs) and keeping minutes of these meetings.
Ensuring that your company complies with all relevant laws and regulations.
At FCCA, we can help you with all of these requirements and ensure that your Limited Company runs smoothly and efficiently.
Why Choose FCCA?
At FCCA, we have a team of experienced accountants who can provide expert advice and support to Limited Companies across a range of industries. We understand the challenges and opportunities that come with running a Limited Company, and we are committed to helping our clients achieve their financial goals.