The Wholesale Forums

[Starbuck]

I'm an American, who recently immigrated to the UK last year. I've been researching this forum for advice before starting my wholesale business.

I was wondering if there is a UK equivalent to an American LLC? Do I even need?

A limited liability company (denoted by L.L.C. or LLC) in the law of many of the United States is a legal form of business company offering limited liability to its owners. It is similar to a corporation, and is often a more flexible form of ownership, especially suitable for smaller companies with a limited number of owners. Unlike a regular corporation, a limited liability company with one member may be treated as a disregarded entity, so the member is often singled-out as a person performing the actions of the LLC. A limited liability company with multiple members may choose, generally at the time that the new entity applies for a US federal taxpayer ID number, to be treated for U.S. federal taxation purposes as a partnership, as a C Corporation, or as an S corporation. An LLC can elect to be either "member managed" or "manager managed."

Thank you.

[geosamm]

It sounds a little like a limited company [Ltd]in UK [the company becomes an entity with employees basically].... If I remember correctly you actually need 3 people to set up a Ltd company.... check companies house for details.... or search "Ltd company formation"

[Starbuck]

Thank you.

[hardwareheroes]

Geo has hit the nail on the head although you only need a director and a secretary now to form a limited company.

[D M]

I don't think you even need a company secretary anymore.

[geosamm]

It used to be that you needed 2 directors to vote and a secretary to record meetings.... not sure that has changed because of the legal entity created by the formation of the company.... but it has been a while

[pr1mate]

things have changed very recently. you can find plenty of info about it here http://www.companieshouse.gov.uk/

[consultant]

Ltd.

Only one director needed now!

[geosamm]

bang on...... and he/she can hold a meeting by proxy apparently.... seems a bit daft that...... but shows how things move on eh