You may think that company formation is a straightforward process. Indeed, in many ways it is, particularly if you use the services of professional firms to help you. However, there are a number of issues you need to think about before you embark on the process and the first is what type of firm you wish to set up.
Obviously, without knowing this, you will not be able to proceed with your company registration. The majority of entrepreneurs require a standard private business which is limited by share capital. This is suitable for nearly all types of trading. Among the features of this type of organisation is that members have a limited liability, there is no requirement for a company secretary and there can be a sole director and or sole shareholder.
However, this is not the best option for everyone. In some cases it may be best to go for a private company limited by guarantee. Company formation of this kind is suitable for sports associations, clubs, membership organisations and other such entities. If you go through company registration of this kind, you can apply for charitable status and members will have limited liability by guarantee.
Meanwhile, other types of firm include public companies limited by shares and limited liability partnerships. So, before you begin forming an enterprise, you need to do some research about what suits your particular circumstances best. Once you have done this, you can begin making progress in terms of getting your organisation up and running.
