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What is a limited company?

by Vidit Agarwal Marketing Director

A limited company is a company that sets the owner, their finances and their profits separate from the company. The director of the company is not the owner but the shareholder of the company. To start a limited company one has to register with the Companies House and that process is known as incorporation.

Who is a sole trader?

A sole trader is an entrepreneur who is seen as a single entity along with the company. The owner of a sole proprietorship is self-employed and is completely accountable for all debts pertaining to the company. To set up a sole proprietorship, one has to register with Her Majesty’s Revenue and Customs (HMRC). HMRC is a department of the United Kingdom Government that handles matters pertaining to revenue, pension, and tax.

What are partnerships?

Partnerships are business ownership models that consist of two partners handling business. Both the partners are responsible for any loss, debts, etc. The business profits are shared by the partners, and each partner pays tax on their share. To setup a business partnership one has to decide on a name, choose a partner and register with Her Majesty’s Revenue and Customs (HMRC).

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About Vidit Agarwal Committed   Marketing Director

348 connections, 13 recommendations, 1,565 honor points.
Joined APSense since, August 31st, 2017, From Harrow, United Kingdom.

Created on Oct 18th 2018 02:58. Viewed 368 times.

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