Type of company to start?
- February 2, 2017 at 3:40 pm #166404
I previously posted this question 2 months back…
Myself and a Malaysian would like to set up a UK company. We have created a mobile app and would like the profits to go back into the company.
I’m unsure what is the best route. Should this be a partnership or a private limited company?
Any income generated will be dependent on the apps performance.
We won’t be hiring staff.
Perhaps, the best way is to set up a new personal account in my name?
Any thoughts would be greatly appreciated.
SeanDecember 18, 2017 at 2:13 pm #175917
You can start as a partnership if you wish, but I would still advise forming a separate bank account for the business (rather than your persoanl account) in order to help maintain acccurate accounts.
The decision to form a limited company would depend on various factors; the profitabiliity of the business just being one.
To make things simpler, the company can of course be formed whenever you wish, perhaps once the busness in established.
You have not said whether you will be a UK resident for tax. This would have implications on how HMRC will tax you personally.
I cannot advise the best route for you as more information would be required. I would advise contacting a UK accountant to discuss your options.
I am the owner of Accountspoint, a nationwide accountancy practice based in Derby. We work on behalf of a wide range of small businesses and individuals and our aim is to fulfill your accountancy needs, leaving you to focus on running your business.