Before you register a company in the UK, you have to decide what form you want your business to take. BA Global Associates can help register your business as a sole trader, a limited company, partnership or limited liability partnership. Much thought should be given before undertaking this vital step, since the type of company you chose will determine things like how you are taxed, whether you are personally liable for business debts, whether you are responsible for VAT, and so on. Choosing carefully in this early stage is often the deciding factor in the long-term success or failure of your business.

Opening your company in the UK as a sole trader is perhaps the simplest way to start a business. You alone will have total control of all business operations and can retain all profits after tax. The downside to sole tradership is that you are personally accountable if things go south. All business debts are personal debts for sole traders, meaning that assets like your house and car could be on the line when your creditors come after you.

Registering your business in the UK as a partnership is much the same as operating as a sole trader, except the risks and the profits are shared between two or more partners. Even though you are not obliged to do so, it is strongly recommended you and your partners sign a binding partnership agreement prior to registering the business.

Incorporating a limited liability company is by far the most popular option for small business owners in the UK. A limited liability company can be set up as a Private Limited Company (Ltd) or a Public Limited Company (PLC). Incorporating as a limited liability company lets you keep your business finances separate from your personal finances. A limited liability company is its own entity with one or more shareholders, and your personal assets are protected in the event of business failure. On the downside, a limited liability company has many mandatory administrative duties like yearly audits, VAT registration, and periodic corporate tax returns.

There are many other forms a company can take, each with its own specialised function. These include limited liability partnerships, holding companies, and guarantee companies. Whatever the business structure you choose, the agents and accountants at BA Global Associates are on hand to register your business and help make it a success.