As a director, should you pay yourself a salary? The directors of a company are responsible for running it properly. They must ensure that the company complies with the law and acts ethically. In addition, they are responsible for managing the company’s finances. This includes paying themselves salaries. In most cases, companies don’t have to…
Shareholders are people who own shares in a corporation. They hold ownership interests in the company, and they elect representatives to act on their behalf. Directors are individuals who serve on the board of directors of a corporation. They are responsible for overseeing the operations of the company, making sure that all relevant laws are…
An LLP is a type of partnership arrangement where partners share responsibility for debt and liabilities. This means that you are liable for the debts and liabilities of the LLP even though you don’t personally own it. In contrast, a private limited company is a separate legal entity from its members. You cannot become a…
Companies must keep a register of Directors if they have any shareholders. This includes all forms of Incorporated Businesses. There are different kinds of Companies, so there are different Rules about Keeping a Register of Directors. The main types of Company are: 1. Sole Trader 2. Partnership 3. Limited Liability Partnership 4. Public Benefit Organisation…
A company can voluntarily strike off if it owes any money to any creditor, or if it is insolvent. If you are considering voluntary strike off, there are some things you should know about how it works. If you want to voluntarily strike off, you must make sure that you comply with the requirements set…
All correspondence and official documents must contain the company’s complete legal name. This includes letters sent via email, faxes, invoices, contracts, etc. In addition, it is important that the company’s full legal name appears prominently on every document. The law requires that the company’s full registered names be displayed on all correspondence and official documents….
The UK capital allowance system was introduced in April 2018 with the aim of encouraging businesses to invest in new equipment and machinery. This tax relief allows companies to claim back half of the costs of investing in plant and machinery up to £250,000. At the same time, it reduces the amount of income tax…
Private limited companies are the most commonly used type of limited company in the UK, accounting for over 90% of all registered companies. These companies are set up to protect individual owners against personal liability and enable them to raise finance. Public limited companies are similar to private limited companies except that the majority of…
Private companies are owned by shareholders. Shareholders elect directors to run the company. Directors hire managers to operate the business. Managers report to the board. Boards set policies and make decisions about how the company operates. Companies are often referred to as “private,” because they aren’t required to disclose information about themselves to anyone except…
What is a dormant company? A dormant company is defined differently depending on whether it’s being used by HM Revenue & Customs (HMRC). If you’re registered as a limited company, you might think that you don’t need to do anything special to make sure that your company isn’t considered dormant. But there are some things…