| Before starting, you need to decide
the legal format of your business. Is it going to be a limited
company, partnership, sole trader or other? |
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| There are 6 main ways of owning
a business in the UK private sector. The first three methods
listed below are the most common. |
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| Click below to
get further information on each particular business format: |
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| 1. Sole
Trader
Unlike other business formats, sole traders (and partnerships)
can start trading straight away, although certain types of
businesses may need a licence to trade.
If trading under a name other than that of the owner, one
must display the name and the address of the owner at the
premises and on the stationary.
Seek advice from proffessionals such as solicitors or accountants
and business support organisations...
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| 2. Partnerships
Unlike other business formats, partnerships (and sole traders)
can start trading straight away, although certain types of
businesses may need a licence to trade.
If trading under a name other than that of the owners, must
display names of owners and an address, for each, at which
documents can be served.
Seek advice from proffessionals such as solicitors or accountants
and business support organisations...
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| 3. Private
Limited Companies
Companies House
Companies Registration Office
Companies House
Crown Way
Cardiff
CF4 3UZ
Tel: (029) 2038 8588
http://www.companieshouse.gov.uk/
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| 4. Public
Limited Companies
The key difference between public and private companies is
that a public company may offer to sell it's shares to the
public.
Before it can start in business or borrow money, a public
company must satisfy Companies House that at least £50,000
worth of shares have been issued and that each share has been
paid up to at least a quarter of it's face value. It will
then receive an authorization to commence business and borrow.
For a fuller explanation form a Public Limited Company contact
'Companies House'.
An specialist accountant will be happy to give advice on these
matters.
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| 5. Franchises
A franchisee owns and runs a business franchise as part of
a franchise network. A franchisor provides the business franchise.
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| 6. Workers
Co-operatives
A workers co-operative is a company which is owned by it's
employees.
Setting up Requirements:
Industrial Common Ownership Movement Limited:
78 Kirkgate, Leeds, LS2 7DJ
T. (0113) 246 1737/ 8
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