You have to register with the Registrar of Companies
at Companies House.
Liability:
The shareholders' (members') personal assets
are protected if the business falls. (Limited
liability) You can only lose what you have put
into the business.
Management:
The business is controlled by the board of directors.
They are each held personally responsible for
its management and must act in the company's
best interests.
Finance:
Capital is raised by the sale of shares, although
not to the general public.
Profits:
Dividends are paid to the shareholders.
Taxes Etc.:
Employee status. The Directors are employed by
the company through the PAYE tax system.
Continuity:
The company is a legal entinty in its own right
and can be sold, or buy shares in other companies.
It has 'perpetual existence'.
Details:
An accountant will be happy to give advice on these
matters.
For a fuller explanation of how to form a private limited
company, and what is required to run it click
here.
