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How to open an LLC?
By setting up a limited liability company, you are free to operate in the UK. This type of company is responsible for its activities and its finances are not related to your personal ones. All profits received after the company pays corporate income tax remains at its disposal.
Every limited liability company has members – individuals or legal entities that own shares in the company. Directors responsible for the management of the company. Usually, the directors own a share in the company, but this is not a requirement.
Types of limited liability companies:
- A company limited by shares. The liability of members in this type of company is limited to the number of unpaid shares.
- Private companies with liability limited in amount. The directors and members are required to financially support the company, up to a certain amount, in the event of a deterioration in the financial situation.
- Public limited company. Shares of such companies are traded on stock exchanges, for example, on the London Stock Exchange.
- Private company with unlimited liability. In the event of the financial insolvency of the company, the Directors and Members are liable for all debts of the company.
To create a company, it is necessary to register with the UK Companies House (submit an agreement on the establishment of a company, detailed information about the shares of the company, the company’s charter; after registering the company, a certificate of registration of a legal entity is issued, which confirms that the company legally exists, contains its registration number and date establishment) and notify HM Revenue and Customs when the company goes into business.
Companies are subject to the following tax obligations:
- At the end of each financial year, the company is required to generate mandatory reporting;
- Submit an annual profit report to the Companies House;
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- The company must be registered for VAT if the level of profit exceeds 82,000 pounds Sterling per year.