Limited liability company formation carries a number of substantial benefits to small and medium sized businesses effectively creating a new corporate body which is a distinct different business vehicle to the owners of the business, shareholders who are protected from unlimited personal liabilities in the majority of circumstances and can carry significant tax advantages which vary from year to year. Incorporation does carry additional legal responsibilities to that of being self employed. Company formation requires the submission of the incorporation details to Company House which must be updated and confirmed each year through the Company House Annual Return. USA company formation
Audited financial accounts must be filed annually both with Company House and the Inland Revenue. And the provisions of the various Companies Acts must be adhered to by the directors responsible for the affairs of the Limited Company. Every limited liability company must have formally appointed company officers at all times. A private limited company must have at least one director, the company articles of association may require more than one, and each limited liability company must have at least one company secretary. While a director can be the company secretary a sole director cannot.