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."
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"
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
Linear Mode
March 2010
