Register as an LTD or solo trader

[oPqnda]

Hi,
I am currently in the works of registering my company. Now I want to go with the right option. I am new to this and rather not have a lot of issues down the line.

What would everyone recommend to run your business under, Ltd or solo? I need a lot of advise on this so please dm me if you can help me further with this?

Thanks,
oPqnda.

 

[Anubbis]

Hey man, it really depends what your business is about! Feel free to hit me up for some advice

 

[oPqnda]

It exists. But I want try and start getting the company out there. It seems like when you are registered as a company, you are trusted more and people gain your trust a lot more. - the same goes for advertising as well.

It seems like on a lot of platforms now a days, you have to be a registered company to be able to advertise on specific platforms.

 

[JasmeowTheCat]

It exists. But I want try and start getting the company out there. It seems like when you are registered as a company, you are trusted more and people gain your trust a lot more. - the same goes for advertising as well.

It seems like on a lot of platforms now a days, you have to be a registered company to be able to advertise on specific platforms.

Which country, unless I have completely missed it. If UK, I will definitely be able to help.

 

[oPqnda]

Which country, unless I have completely missed it. If UK, I will definitely be able to help.

UK

 

[Energy]

I think a ltd company is better in the long run as it offers more protection and separates you and your company putting them as separate entities.

 

[JasmeowTheCat]

UK

Alright, well, I am your person for that. Hit me a DM.

 

[Tom]

It exists. But I want try and start getting the company out there. It seems like when you are registered as a company, you are trusted more and people gain your trust a lot more. - the same goes for advertising as well.

It seems like on a lot of platforms now a days, you have to be a registered company to be able to advertise on specific platforms.

This is true, but it ultimately depends on what your business is and what the financials are like. If you are making little to no money currently and you don't strictly need to be registered as an LTD, then it's probably best not to. Don't forget you'll need to do a yearly confirmation statement, director self-assessments, corporation tax returns, a registered office (if you don't want to use your home address), and ico fees (if required) all of which are going to cost you. You'll also probably want to use an accountancy service or hire an accountant (Usually ~£70 a month), especially if you don't know how the tax system works.

However, it does of course have its pros since unlike a sole trader there is a legal difference between you and the company as well as tax benefits. Ultimately it's up to you if the extra costs and advantages are worth it to you and your business. If you do decide to go the LTD route, I'd still recommend talking to an accountant first - some firms will also register the LTD for you and let you use their office as a registered office address.

Feel free to message me if you have any questions, I have a registered company in the UK.

 

[oPqnda]

Alright, well, I am your person for that. Hit me a DM.

What is the best way to reach out to you.

This is true, but it ultimately depends on what your business is and what the financials are like. If you are making little to no money currently and you don't strictly need to be registered as an LTD, then it's probably best not to. Don't forget you'll need to do a yearly confirmation statement, director self-assessments, corporation tax returns, a registered office (if you don't want to use your home address), and ico fees (if required) all of which are going to cost you. You'll also probably want to use an accountancy service or hire an accountant (Usually ~£70 a month), especially if you don't know how the tax system works.

However, it does of course have its pros since unlike a sole trader there is a legal difference between you and the company as well as tax benefits. Ultimately it's up to you if the extra costs and advantages are worth it to you and your business. If you do decide to go the LTD route, I'd still recommend talking to an accountant first - some firms will also register the LTD for you and let you use their office as a registered office address.

Feel free to message me if you have any questions, I have a registered company in the UK.

Hey Tom. What is the best way to reach out to you? For someone who is very new to this sector, i definitely need to know a lot before I stick my hands in

 

[JasmeowTheCat]

What is the best way to reach out to you.

Hey Tom. What is the best way to reach out to you? For someone who is very new to this sector, i definitely need to know a lot before I stick my hands in

It's in my signature.

Post automatically merged: Jan 17, 2022

I suggest using her discord that is in her sig: JasmeowTheCat#0001 or an DM on the MCM Platform

Thank you

 

[culturalmarxist]

Hello, oPqnda

I have several questions before I can continue to grasp the reality of your situation and what steps you might have to take. Depending on the country you reside in, therein; you must first check eligibility with your local jurisdiction, or the Company Registry of the Country in which you reside.

Furthermore, you must check legal liabilities when it comes to being a sole-proprietor, this means that you are wholly responsible for your company's decisions and possibly personally liable, should a legal case be brought against you. Whereas, if you were to have a Limited Liability Partnership, you will not be paying yourself a salary, instead, the profit of the company is divided throughout your various partners who help advise and run your company.

In the jurisdiction of the United States of America
Some states in the U.S. do permit the use of Ltd. (limited) after a company name. Such a designation depends on filing the correct paperwork; just adding the suffix to a company name does not provide any liability protection. Limited companies in the U.S. are required to file corporate taxes annually with regulators.

 

[oPqnda]

Hello, oPqnda

I have several questions before I can continue to grasp the reality of your situation and what steps you might have to take. Depending on the country you reside in, therein; you must first check eligibility with your local jurisdiction, or the Company Registry of the Country in which you reside.

Furthermore, you must check legal liabilities when it comes to being a sole-proprietor, this means that you are wholly responsible for your company's decisions and possibly personally liable, should a legal case be brought against you. Whereas, if you were to have a Limited Liability Partnership, you will not be paying yourself a salary, instead, the profit of the company is divided throughout your various partners who help advise and run your company.

In the jurisdiction of the United States of America
Some states in the U.S. do permit the use of Ltd. (limited) after a company name. Such a designation depends on filing the correct paperwork; just adding the suffix to a company name does not provide any liability protection. Limited companies in the U.S. are required to file corporate taxes annually with regulators.

Hello. Thank your for advise. We are going to be a UK based company. At the current time, I am trying to start a hosting provider which will hopefully resolve mostly around game hosting and Web hosting.

With the company name, I want to be able to use the name for one then just one company that I will setup in the future (I.e an clothing line company)

Best Regards,
Harry.

 

[Tom]

What is the best way to reach out to you.

Hey Tom. What is the best way to reach out to you? For someone who is very new to this sector, i definitely need to know a lot before I stick my hands in

Messaging me here on MCM is the best way.