Guidance And Advice On Setting Up A New Company - 2647 Words

Introduction This report aims to provide guidance and advice on setting up a new company and also considers the mechanisms for doing so. The report encompasses a range of key areas which are considered in order to provide an understanding of how to incorporate a business entity of suitable type and structure whilst also covering the registration process together with legal requirements. Section 1 Legal status - There are fundamental differences between a Limited Company and a Ordinary Partnership. Limited companies exist in their own right in law and as such are deemed to be a separate legal entity from its owners, this means that companies can survive through death of or change of owners a company’s existence will only cease if it is formally wound up, liquidated or by other order of the courts or Registrar of Companies. . In contrast Partnerships have no legal existence outside of the self employed partners who make up the business and as such the Partnership will end should one of the partners leave hence, by definition, a partnership has a limited existence while a company is created to last forever. Liability – In an ordinary partnership members are responsible for all debts accrued by the business and do not observe any protection should the business fail and as such limited companies hold an advantage in that the Company shareholders will only be liable for debt up to the value of their individual investment, this offers a degree ofShow MoreRelatedPersonal Development Qcf Level 2 or 3 Health and Social Care Guidance Notes966 Words   |  4 PagesPersonal development guidance notes on how to write a reflective account qcf health and social care level 2 or 3 unit 2 personal development study aid or guidance notes A Reflective account, which addresses the subject of personal development, within the role of a social care worker. You could use this learning resource as a guidance/reference aid, in producing your own reflective account. 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