Commentary

B9.131 Incorporation—table of key commercial issues

Business tax
Business tax | Commentary

B9.131 Incorporation—table of key commercial issues

Business tax | Commentary

Incorporation—tables of comparisons

B9.131 Incorporation—table of key commercial issues

For main commentary, see B9.130.

NotesSole Trader'Old'
P'ship
Ltd CoLtd
P'ship*
LLP
Body corporateXXX
Limited liabilityXX
No registration requirements1XXX
Minimum no of 'members'12122
Flexibility of business meetings2X
Unrestricted 'Management' rolesX
Audit free3XX
Unpublished accountsXX
Absence of 'clawback' provisions4X
Easy to sell or transfer partial business interestXXXX
Free of capital maintenance rules5X
No prospect of statutory bar if trading is unsuccessful6X

Notes:

  1.  

    (1)     A pre-requisite of limited liability is that the entity is correctly registered at Companies House

  2.  

    (2)     Companies are required to hold, record details and maintain minutes of Directors'

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