SIMPLE COMPANY FORMATION WITH US

Over 1 million companies formed in the UK. Experience you can trust.


Tel.: +44 207 193 1110, WhatsApp: +44 7523 224040,

239 Kensington High Street, London, W8 6SN, UK

Liquidate your limited company

You can choose to liquidate your limited company (also called ‘winding up’ a company).


The company will stop doing business and employing people. The company will not exist once it’s been removed (‘struck off’) from the companies register at Companies House.


When you liquidate a company, its assets are used to pay off its debts. Any money left goes to shareholders. You’ll need a validation order to access your company bank account.


If that money has not been shared between the shareholders by the time the company is removed from the register, it will go to the state.


You’ll need to restore your company to claim back money after it’s been removed from the register.


There are 3 types of liquidation:


creditors’ voluntary liquidation - your company cannot pay its debts and you involve your creditors when you liquidate it

compulsory liquidation - your company cannot pay its debts and you apply to the courts to liquidate it

members’ voluntary liquidation - your company can pay its debts but you want to close it

Your company may be forced into liquidation if it cannot pay its debts.

Our Contacts
Feel free to write and call us. We really love to communicate with our clients.
WE ARE ALWAYS OPEN COMMUNICATION

Tel.: +44 207 193 1110

WhatsApp: +44 7523 224040

post@cg-cons.co.uk

239 Kensington High Street,

London, W8 6SN,

United Kingdom

How to set up a limited company in the UK

When starting a business, it's common to operate as a sole trader and essentially work for yourself. But as you gain more experience, transitioning to a private limited company may become more advantageous.

While the process of forming a limited company (Ltd) is relatively simple, it's crucial to understand the legal, financial, and other obligations that come with it.

To learn all about private limited companies and the steps to establish one, continue reading below.

The different types of business structure
There are four common types of business structures in the UK: sole trader, partnership, limited company (Ltd), and limited liability partnership (LLP). Each of these structures has its own pros and cons, which depend on various factors such as the size and nature of your business, and your future plans. To provide a brief overview, let's compare and contrast each of these business structures.
Sole trader (self-employed)

Sole traders have the advantage of not having to pay registration fees, dealing with little bureaucracy, and maintaining full control over their business decisions. They also get to keep all their business profits after tax. However, the main disadvantage is that there is no legal separation between personal and business finances, which means that any business debts or liabilities can be met from the owner's personal wealth. This personal risk makes it unsuitable for high-cost startups. Overall, it is a simple and flexible business structure.
Becoming a sole trader, which is often synonymous with being self-employed, is a popular and straightforward business structure for startups. Unlike other structures, such as limited companies, sole traders are taxed on their profits rather than being subject to corporation tax. If your profits exceed £45,001, you'll be taxed at 40%, and any profits above £150,000 will be taxed at 45%. You may also have to pay National Insurance (NI) contributions, depending on your profits. Although being a sole trader doesn't mean you have to work alone; you can hire employees, as long as you comply with employment laws and notify HMRC.
Your advantages as a sole trader include no registration fees, minimal paperwork, and complete control over business decisions. In addition, you get to keep all the profits after taxes.
However, one of the main disadvantages is that your business and personal finances are not separate, which means that any debt or legal action against the business may impact your personal wealth. This puts you at a higher personal risk compared to other business structures and may not be suitable for a high-cost startup.
Overall, the sole trader structure is straightforward and flexible, but it comes with a significant amount of personal liability.

Partnership
Партнерство — это бизнес-структура, в которой два или более человека соглашаются создать бизнес и разделить собственность, прибыль и обязательства, как указано в соглашении о партнерстве. Как и в случае с индивидуальным предпринимателем, каждый партнер регистрируется как самозанятый и подает отдельные налоговые декларации. В партнерстве может быть любое количество партнеров, но более крупными партнерствами может стать сложнее управлять, и они могут представлять большие риски (в этом случае партнерство с ограниченной ответственностью может быть более подходящим).

Преимущества партнерства включают в себя гибкость, простоту и преимущество наличия нескольких владельцев для управления бизнесом. Однако существенным недостатком является то, что все партнеры несут совместную ответственность за деловые долги и обязательства, а это означает, что в случае успешного судебного разбирательства против одного партнера все партнеры несут совместную ответственность за любые убытки.

Резюме: Оптимизированная структура бизнеса, подходящая для партнеров, которые имеют хорошие отношения и доверяют друг другу, но с риском общих обязательств.
Limited company
To establish a limited company, you need to register it at Companies House, which creates a separate legal entity. This offers the advantage of separating your personal finances from those of the business, reducing your exposure to financial risk. Another benefit is the corporation tax rate of 19%, which is often more tax-efficient than paying income tax. However, a limited company requires more administration and may require a company secretary and an accountant. You must submit an annual company tax return and statutory accounts to HMRC, and you are responsible for paying employees’ income tax and NI contributions. For contractors, a limited company or an umbrella company is a more common structure than a sole trader due to potential legal issues related to employment status.
Limited liability partnership
An LLP (limited liability partnership) is a structure often used by professional services businesses like accountancy or legal firms. It's similar to a regular partnership, but offers limited liability like a limited company. To set up an LLP, it must be registered at Companies House and must have at least two "designated members" who are responsible for filing annual accounts.
Advantages of an LLP include that each partner registers as self-employed and is only liable for the face value of their share if the business fails. However, the administrative burden of an LLP is similar to that of a limited company, so it may require an accountant or company secretary.
Summary: An LLP is a good option for larger partnerships looking for the protection of limited liability.
Why choose us?

  • We have over 10 years of experience in helping businesses establish themselves in the UK
  • Our team of experts specializes in providing tailored solutions to meet your unique needs
  • We offer a range of services, including company formation, bank account opening, and registered office address
  • Our pricing is competitive and transparent, with no hidden fees
  • We pride ourselves on delivering exceptional customer service and support, with a 24/7 helpline available to assist you
  • Our accreditations and certifications demonstrate our commitment to quality and compliance
  • We have helped thousands of clients from around the world successfully set up their businesses in the UK, and have a proven track record of success





Price Limited Company Formation

You can tailor the company formation packages below almost anyway you want. Get in touch with us today to start the registration of your UK company.

Consultation
From £100
  • duration 1 hour
Order now
Limited Company Formation
From £250
UK Private Limited Company
Fast Formation (2-hours)
100% Managed Formation (We do everything for you)
All Fees (There are no hidden charges)
London Registered Office Address
Director/PSC Service Address
Director Service Address
Digital mail forwarding from Companies House & HMRC
Digital Certificate of Incorporation
Digital Memorandum & Articles of Association
Digital Share Certificate
  • Digital First Board Meeting Minutes
Order now
Limited Company Formation + Nominee Services
From £900
UK Private Limited Company
Fast Formation (2-hours)
100% Managed Formation (We do everything for you)
All Fees (There are no hidden charges)
London Registered Office Address
Director/PSC Service Address
Director Service Address
Digital mail forwarding from Companies House & HMRC
Digital Certificate of Incorporation
Digital Memorandum & Articles of Association
Digital Share Certificate
Digital First Board Meeting Minutes
UK Resident & British Citizen Nominee Director
Nominee Director Appointment Agreement
Power of Attorney (Nominee > You)
  • Statutory Deadline Reminder Service
Order now
What will you get?
  • Clear understanding of the business concept.
    Our goal is to help your business, your customers, and your partners. We can assist in analyzing past stages and predicting future ones, understanding your place in the world and in the market.
  • You save time and money
    Our specialists assist you in working with all the necessary documentation, saving you time and hassle of paperwork.
  • Business Performance Evaluation
    We help you get the most out of our support. Our specialists will help you advance the areas that are holding you back, and together with you, develop a plan for further progress.
Made on
Tilda