Forming a Limited Liability Company (LLC)_6220

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Forming a Limited Liability Company (LLC)
A limited liability company (LLC) is a legal business structure that separates as well as protects a business and its personal assets from those of the owners of the company.  Forming a limited liability company is easy compared to other legal entities for business because of minimum paper work.
In case of limited liability companies share holders are not responsible for company debts. During the requisite time the directors may guarantee loans or credit settled to the company.
Paper process for limited liability company formation (LLC):
Before forming or set up a limited company it is essential to be registered with companies house. Find few of the requirements for limited liability companies:
1)   Memorandum of association:  the Memorandum of association includes company name, location of registered office, and objective of the company or business,You are not allowed to view links. Register or Login, Types of business.
2)   Article of associations: The article of association deals with meeting procedure,You are not allowed to view links. Register or Login, rights of share holders, power of directors,You are not allowed to view links. Register or Login, dividend payment procedures etc
3)    Form 10: This document is required during the time of company incorporation in the UK,You are not allowed to view links. Register or Login, issued free by the companies house. This form occupies the complete details of the registered office as well as the absolute information of the directors and secretary. 
4)   Form 12: The Form 12 is a declaration that the company has been abided by all the legal requirements for the incorporation of the company.
Advantages of Limited Liability Company:
1)   LLC is not affected by the death and bankruptcy of members
2)   It allows you to conduct business in the UK
3)   It is formed by members not by share holders
4)   Members can draw up their own contract
5)   Flexible profit distribution among the members
6)   It protect owners from personally liable for acts and  debts of the LLC
7)   There is no need to have an annual general meeting for share holders
   Very less administrative paper process and record keeping
9)   Profits taxed at the member level not at the LLC level
10)   No Limited Liability Company member has personal liability