What are the different types of business structures available for company formation in the UK, and how do they differ?

In the UK, businesses can choose from several types of business structures, each with its own advantages and legal requirements:

Sole Proprietorship: A single owner is responsible for the business, and there is no legal distinction between the owner and the business. It offers simplicity but exposes the owner to personal liability.

Partnership: Two or more individuals share ownership and responsibilities. Partnerships can be general (unlimited liability) or limited (with one or more partners having limited liability).

Limited Liability Partnership (LLP): An LLP provides limited liability for all partners, shielding personal assets from business debts.

Private Limited Company (Ltd): A separate legal entity from its owners, offering limited liability to shareholders. It's a popular choice for small to medium-sized businesses.

Public Limited Company (PLC): Similar to a private limited company but with shares available for public trading.

Community Interest Company (CIC): A special type of limited company for businesses with social or community-focused goals.

Limited by Guarantee: Often used by non-profit organizations, where members' liability is limited to the amount they guarantee.

Limited Liability Partnership (LLP): A hybrid structure combining elements of partnerships and limited companies, offering limited liability to partners.

Choosing the right structure depends on factors like liability, tax implications, and management flexibility. It's advisable to seek legal and financial advice when deciding on the most suitable business structure for your needs.

https://galaxyaccountancy.co.u....k/our-services/compa