{"id":179083,"date":"2023-01-10T06:04:44","date_gmt":"2023-01-10T06:04:44","guid":{"rendered":"https:\/\/legalvision.co.uk\/?p=179083"},"modified":"2023-04-27T07:57:29","modified_gmt":"2023-04-27T06:57:29","slug":"incorporate-your-business","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/business-structures\/incorporate-your-business\/","title":{"rendered":"Reasons You Should Incorporate Your Business in the UK"},"content":{"rendered":"\n<p><span style=\"font-weight: 400\">Incorporation is the process of registering your UK business as a limited company. Registering your business in this way gives you and your business a distinct separation, which contrasts with being a sole trader. Your business will gain its own legal status separate from yours, which is a huge benefit for entrepreneurs. This article explores key reasons you should incorporate your business in the UK.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Legal Separation Between You and Your Business<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">Incorporat<\/span>ing <span style=\"font-weight: 400\">your small business <\/span>is important from an asset protection perspective,<span style=\"font-weight: 400\"> often referred to as <\/span><a href=\"https:\/\/legalvision.co.uk\/corporations\/limited-vs-unlimited-company\/\"><span style=\"font-weight: 400\">limited liability<\/span><\/a><span style=\"font-weight: 400\">. When you register your business with Companies House<\/span>, your business<span style=\"font-weight: 400\"> becomes a limited company<\/span>. Accordingly<span style=\"font-weight: 400\">, you create a separate legal identity for it. In simplistic terms, you and your business are treated as legally separate entities. It follows that your personal assets are protected against potential liabilities that can occur with your company.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">Having separate legal personalities means that your business, rather than you, is treated as the entity that enters into contracts with third parties, like:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400\">consumers;&nbsp;<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400\">lenders; and<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400\">investors, etc.&nbsp;<\/span><\/li>\n<\/ul>\n\n\n\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">If your incorporated business gets into trouble, your personal assets are protected against business debts. Therefore, there is a significantly reduced financial risk when you incorporate your business into a separate legal entity.&nbsp;<\/span><\/p>\n<\/div>\n\n\n\n<p><span style=\"font-weight: 400\">For example, as a shareholder in a company, you would not be liable for the business\u2019 debts. If the company went bankrupt, creditors would be unable to claim your personal assets to offset <\/span>the company&#8217;s <span style=\"font-weight: 400\">deb<\/span>t<span style=\"font-weight: 400\">. The creditor would be limited to claiming assets owned solely by the business.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">When your business is new or growing, it is important to consider incorporation, even from this singular aspect. Right now, you might just be starting operations from your home and entering contracts worth less than $1000 at a time. However, as your business grows, demand for your goods might increase, leading you to enter agreements worth tens of thousands of dollars. Accordingly, incorporat<\/span>ing your business can be a preventative step against losing any\/all personal financial resources<span style=\"font-weight: 400\"> should the worst happen.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Shareholders within a Private Limited Company<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">When you incorporate your business, you issue shares to shareholders who will be the owners of the company. This contrasts with a sole trader who would own their business as an individual. In addition, having access to shares can provide your business with an income generator, as you can raise capital through issuing new shares.<\/span><\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+448081968584\" class=\"not-prose\">0808 196 8584<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left 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This is because incorporation <span style=\"font-weight: 400\">boosts your legitimacy in the eyes of consumers and lenders. <\/span>Likewise, y<span style=\"font-weight: 400\">our private limited company could potentially receive greater access to business loans. You c<\/span>ould <span style=\"font-weight: 400\">open new business bank accounts and take loans out under your corporation<\/span>&#8216;s name<span style=\"font-weight: 400\"> rather than your o<\/span>wn<span style=\"font-weight: 400\">.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Tax Benefits<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">When you become a limited company, your legal obligations change in relation to tax. As a sole trader, you will be subject to income tax rates and national insurance. All income will be treated as your own and will be calculated using your self-assessment tax return. In contrast, a corporation will pay corporation tax on any business profits they have made.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">As a director, you will still have to pay income tax. However, you will likely have a <\/span><a href=\"https:\/\/legalvision.co.uk\/corporations\/how-to-pay-company-directors\/\"><span style=\"font-weight: 400\">small salary<\/span><\/a><span style=\"font-weight: 400\">, with most of your income coming from dividends you do not pay national insurance on. Therefore, d<\/span>epending <span style=\"font-weight: 400\">on y<\/span>our company&#8217;s <span style=\"font-weight: 400\">structure<\/span>,<span style=\"font-weight: 400\"> there can be tax benefits when contrasted with continuing as a sole trader. It is important to always seek professional advice to ensure you are meeting all tax obligations.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Lifespan of an Incorporated Business<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">Sole trader businesses are intrinsically linked with their owners as their legal identities are the same. When a <\/span><a href=\"https:\/\/legalvision.co.uk\/business-structures\/sole-trader-pass-away\/\"><span style=\"font-weight: 400\">sole trader passes away<\/span><\/a><span style=\"font-weight: 400\">, their business will usually die with them. In contrast, a limited company does not die when a shareholder dies. Shareholders can typically pass on their ownership either through inheritance or transfer of their share via sale like any other piece of property.<\/span><\/p>\n\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/4\/2022\/09\/06164254\/uk-startup-manual-290x410-1.jpg\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">UK Startup Manual<\/div>\n            <div class=\"body-text\">\n                <p>LegalVision&#8217;s Startup Manual is essential reading material for any startup founder looking to launch and grow a successful startup.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.uk\/uk-startup-manual.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Key Takeaways<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">Incorporating a business in the UK can be beneficial for any business. The main reason to incorporate is to protect your personal assets. Once your business becomes a limited company, you and your business are treated as separate<\/span> <span style=\"font-weight: 400\">entities with distinct legal personalities. Simply put, if the business fails, your personal assets will be protected. You m<\/span>ight <span style=\"font-weight: 400\">also gain tax benefits depending on how your company is structured, as limited companies are subject to different tax obligations than sole traders who pay income tax.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">If you need help or advice around incorporating your business, our experienced <\/span><a href=\"https:\/\/legalvision.co.uk\/business-lawyers-lp\"><span style=\"font-weight: 400\">business lawyers<\/span><\/a><span style=\"font-weight: 400\"> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our <\/span><a href=\"https:\/\/legalvision.co.uk\/membership\/\"><span style=\"font-weight: 400\">membership page<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Frequently Asked Questions<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1673330071141\"><strong class=\"schema-faq-question\"><strong>What does it mean to incorporate a business?<\/strong><\/strong> <p class=\"schema-faq-answer\">Incorporation is the process of registering your UK business as a limited company. Registering your business in this way gives you and your business a distinct separation, which contrasts with being a sole trader.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1673330084753\"><strong class=\"schema-faq-question\"><strong>What are the benefits of incorporation?<\/strong><\/strong> <p class=\"schema-faq-answer\">Incorporation is beneficial from an asset protection perspective. Once your business becomes a limited company, you and your business are treated as separate legal entities with distinct legal personalities. You may also be able to gain tax benefits depending on how your company is structured, as limited companies are subject to different tax obligations than sole traders who pay income tax.<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"9eb4f72322\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/179083\" \/>            <input value=\"https:\/\/legalvision.co.uk\/business-structures\/incorporate-your-business\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"Reasons You Should Incorporate Your Business in the UK\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Incorporation is the process of registering your UK business as a limited company. Registering your business in this way gives you and your business a distinct separation, which contrasts with being a sole trader. Your business will gain its own legal status separate from yours, which is a huge benefit for entrepreneurs. This article explores<a href=\"https:\/\/legalvision.co.uk\/business-structures\/incorporate-your-business\/\">Continue reading <span class=\"sr-only\">&#8220;Reasons You Should Incorporate Your Business in the UK&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13353,"featured_media":3238,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"179048,2234,178355,178928,177545,866","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[36],"tags":[20,21,132,137,342,1211],"class_list":["post-179083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-structures","tag-small-business","tag-medium-business","tag-incorporate-business","tag-companies-house","tag-limited-liability","tag-asset-protection"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reasons You Should Incorporate Your Business | LegalVision UK<\/title>\n<meta name=\"description\" content=\"Incorporation is the process of registering your UK business as a limited company. 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She is a qualified barrister and lawyer with an interest in immigration and human rights. Fiona has written extensively for LegalVision on Intellectual Property. Qualifications: Bar Professional Training Course, The Manchester Metropolitan University, Masters Degree, LLM in Human Rights and Criminal Justice, Queen's University, Belfast, Bachelor's Degree, LLB Law, Queen Mary University of London","sameAs":["https:\/\/www.linkedin.com\/in\/fiona-prior-30481162\/"],"url":"https:\/\/legalvision.co.uk\/author\/fionaprior\/"},{"@type":"Question","@id":"https:\/\/legalvision.co.uk\/business-structures\/incorporate-your-business\/#faq-question-1673330071141","name":"What does it mean to incorporate a business?","acceptedAnswer":{"@type":"Answer","text":"Incorporation is the process of registering your UK business as a limited company. Registering your business in this way gives you and your business a distinct separation, which contrasts with being a sole trader.","inLanguage":"en-GB"},"inLanguage":"en-GB"},{"@type":"Question","@id":"https:\/\/legalvision.co.uk\/business-structures\/incorporate-your-business\/#faq-question-1673330084753","name":"What are the benefits of incorporation?","acceptedAnswer":{"@type":"Answer","text":"Incorporation is beneficial from an asset protection perspective. Once your business becomes a limited company, you and your business are treated as separate legal entities with distinct legal personalities. You may also be able to gain tax benefits depending on how your company is structured, as limited companies are subject to different tax obligations than sole traders who pay income tax.","inLanguage":"en-GB"},"inLanguage":"en-GB"}]}},"_links":{"self":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/179083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/users\/13353"}],"replies":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/comments?post=179083"}],"version-history":[{"count":3,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/179083\/revisions"}],"predecessor-version":[{"id":180604,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/posts\/179083\/revisions\/180604"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/media\/3238"}],"wp:attachment":[{"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/media?parent=179083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/categories?post=179083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalvision.co.uk\/api\/wp\/v2\/tags?post=179083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}