Types of Business Entities/Structures.

What is a corporation?

1. - A British private corporation is an independent legal business entity that exists separately from the people who own, control and manage it․
2. - A British private corporation does not automatically dissolve when its business owners (members/shareholders) saddled died, because it is considered a separated "business person․"
3. - A UK private corporation known as a private company limited by shares can enter into business contracts - even verbal, pays corporation income taxes, transact businesses, etc․
4. - The UK private business corporation owners have limited liability protection․
5. - Contact our lawyers or accountants to determine if this UK business structure will rightly start incorporating works for you․

What is a limited liability partnership?

1. - A limited liability partnership (LLP) is similar to a UK private corporation, but with slightest differences․
2. - Like a UK private corporation, it offers limited personal liability to its owners (partners/members)․
3. - Owners can appoint designated partners, who are responsible for the businesses management, and non-designated partners․
4. - An LLP is not required to hold regular memberships or management meetings․
5. - An LLP doesn't pay the corporation taxes․
6. - Contact our lawyers or accountants to determine if this UK business structure will rightly start incorporating works for you․

What is an incorporated unlimited company?

1. - An unlimited company exists when two or more persons co-own a business and share in the profits and losses of the business․
2. - Each of the co-owners or partners contribute something, usually money or real estate, to the business endeavour․
3. - The co-owners or members don’t have their liabilities limited by their contributions into such type of business entity. Their liabilities are unlimited․

What is a general partnership?

1. - A British general partnership where the rights and responsibilities are divided equally among the partners․
2. - The business managing partners are referred as general partners because each such partner can act on behalf of all of the partners, and each general partner is responsible for the general partnership's debts and obligations․
3. - Contact our lawyers or accountants to determine if this UK business structure will rightly start incorporating works for you․

What is a limited partnership?

1. - A limited partnership has of both the general and the limited partners․
2. - This type of limited partnership allows each member to determine and limit of their personal liabilities․
3. - Unlike the general partners, limited partners don’t responsible for the general partners and partnership’s debts and obligations․
4. - Only the general partners of the limited partnership have the legal rights to operate the business. Limited partners do not run the business․
5. - Both general and limited partners are benefiting from the business’s generated income profits․
6. - Contact our lawyers or accountants to determine if this UK business structure will rightly start incorporating works for you․