Welcome to Nationwide Caterers Association JOIN NCASS NOW
Home | Join | Training | For Sale / Wanted | Publications | Insurance | Lost / Stolen | Find Caterer | Find Supplier
Mobile Caterers, Buffet Caterers, Outside Caterers, Mobile Bars, Sandwich Bars, Fast Food, Fish & Chips, Takeaways,
Corporate Caterers, Pizza Bars, Sandwich Delivery, Catering Software, Ice Cream Van Insurance, Takeaway Insurance,
FREE Hygiene Training, HACCP Training... and much more
Your New Business -  Ltd or Sole Trader

One of the first questions any potential business start up should ask themselves is?

Do we need a limited company or should we become a sole trader, and the best person to answer the question is your accountant, but to help you with a little background information we have put together some of the basic facts.

What is a limited company?

For most people a standard limited company is adequate

There are more unusual company types, such as non-profit making, limited partnerships and charities. You really should take advice from an accountant before registering one of these kinds of company as special circumstances can and do apply.

If your business is built around a limited company it means that your liability is limited, if the worst should happen and the business fails, in which case your personal assets such as your home etc are protected from your company's debtors.

It also means that the company can have debts and as such are often seen by other companies as a more reliable and secure option than sole traders.

All limited companies are registered through Companies House and are required to submit certified accounts every year. This enables creditors and customers to check on your business and how it is performing albeit the records can be up to 18 months out of date, so they should not be relied on totally as a basis for trading.

Being a limited company also protects your company name so that no other company can use it.

Choosing a company name

There is an online search facility at Companies House web site which is very useful

Your company must have a minimum of 1 director.

There is no longer a legal requirement to appoint a company secretary, however companies with only one director will often require a second signature on legal documentation (for example when you open a bank account). If you do not appoint a company secretary this documentation will need to be signed by an appointed witness and many companies are still opting to appoint a company secretary.

Your company will require a registered office. This is an address to which all official mail can be sent to your company. If you wish to keep your address private / require anonymity, or you are not allowed to use your address your accountant will often offer this facility or know of a facility which can be made available to you.

Sole Trading.

There are millions of sole traders in the UK, for many this is the most economical way to run a business. You don’t have to lodge accounts with Companies house for instance which may save on your accountants bills, but you will still have to lodge your accounts with Revenue and Customs for tax purposes.

The major difference from a limited company is that you as the sole trader are responsible for the business and its debts, so if it goes wrong all your personal assets can be drawn into the equation and become available to your creditors. Sole trading can be a good option if you have very few debtors, creditors and assets, but if there is any likelihood of the business failing and you owing a lot of money or having long premises leases, this may not be the best course for you to take.

As always consult an accountant before making a decision on the best type of business formation for you.

If you want to protect from someone registering a Ltd company in your chosen company name in case you need it in the future and to save confusing your customers it may well be worth registering a limited company in your chosen name and then class it as non trading.

Maintaining a non trading limited company is very easy and straightforward, and well worth considering for any sole trader. You will have to submit your limited company accounts and annual return to Companies House each year but an accountant will do this for you at a minimal cost.

Always take advice from a good accountant regarding your specific circumstances if you are unsure.

Limited Partnerships

If you are in business with someone else then you might want to consider a Limited partnership.

This type of company formation is very similar to limited companies in that they both offer a limited liability to their company’s members. However, there are two very important differences:

• a limited liability partnership (LLP) is taxed as a partnership and can be organised with more flexibility

• LLPs don’t have directors or shareholders, but can have as many members as you choose. Members should be formally appointed at the point of formation, or by the other members at a later date

LLPs are designed for the types of profession that have traditionally insisted on a partnership format such as lawyers and doctors. For most normal trading businesses, a standard limited company is usually preferable.

 

 
Work Opportunities
01/Sep/2012North East
Peterlee Show

Peterlee Show 2012, we re...
 View
02/Jun/2012Midlands (East)
Brackley Community Carnival

We are tend...
 View
03/Nov/2012South East
Fireworks at Hop Farm Kent

This is a 2 ...
 View
14/Sep/2012South East
Southern Model Air Show - Hop Farm Kent

 View
26/May/2012South East
Only Paws & Horses - Hop Farm Kent

Thi...
 View
03/Nov/2012East Anglia
The Lions Club of Rayleigh Charity Firework Displa...
 View
18/Jul/2012South East
War & Peace, Hop Farm, Paddock Wood

All...
 View
21/Apr/2012North East
British Cycling MTB Race

General cateri...
 View
08/Sep/2012South East
Beer & Music Festival

I am looking for ...
 View
30/Jun/2012Midlands (West)
Birmingham Mela

Birminghma mela, victor...
 View
28/Apr/2012South East
Country Craft & Food Fair

All food type...
 View
01/Jul/2012North East
The Italian Job

Top class street food t...
 View
26/Jun/2012Midlands (East)
Warrick University Summer Party

1 x pae...
 View
18/Aug/2012North East
Harewood House, VW Festival

Very busy e...
 View
16/Jun/2012North East
Harewood House, Classic car

1 x healthy...
 View
30/Jul/2012North East
Harewood House, Medieval Festival

1 x s...
 View
16/Jun/2012North East
Harewood House, Classic Car Show

1 x sw...
 View
02/Jun/2012North East
Harewood House, Queens Jubilee

1 x swee...
 View
06/May/2012North East
Harewood House, Childrens Festival

25,0...
 View
29/Jul/2012North East
Cancer Research race for life

1 x g.p r...
 View
22/Jul/2012North East
Cancer research race for life

1 x g.p r...
 View
24/Jun/2012Midlands (East)
Cancer research race for life

1 x g.p r...
 View
17/Jun/2012Midlands (East)
Cancer research race for life

1 x g.p r...
 View
16/Jun/2012Wales
Kids Footbal tournament comp

2 days foo...
 View
10/Jun/2012North East
Cancer research race for life

1 x g.p r...
 View
20/May/2012North East
Cancer research race for life

1 x g.p r...
 View
13/May/2012
Race for life, scarborough seafront

Can...
 View
15/Apr/2012London
Woofs & Wellies Dog show

Woofs & wellie...
 View
31/May/2012Wales
National Trust - Reivaux terrace & temples yorkshi...
 View
31/May/2012Midlands (West)
National trust - Quarry Bank Manchester

 View
31/May/2012North West
National trust - Sizergh venue

1 x perm...
 View
31/May/2012North East
National trust - Fountains Abbey

1 x pe...
 View
31/May/2012North East
National Trust - Scouter Lighthouse Whitley bay
 View
31/May/2012North East
National Trust - Gibside Newcastle

1 x ...
 View
31/May/2012North East
National trust - Benninbourough York

1 ...
 View
31/May/2012North East
National Trust - East riddlesden Bradford
 View
31/May/2012North East
National trust venue - wallington

1 x p...
 View
31/May/2012North East
National trust - nostel priory venue

1 ...
 View
01/Apr/2012South East
Mobile cafeteria service at Tonbridge Castle Groun...
 View
01/Jun/2012South West
Bournemouth 7's Festival

20,000 Party P...
 View
01/Mar/2012Midlands (West)
Music Festivals 2012

Pizza Unit require...
 View
19/Aug/2012Midlands (East)
Northamptonshire Air Show

We are lookin...
 View
14/Apr/2012London
Ful-on Duathlon

This is a 1 day sportin...
 View
02/Jun/2012South East
dog obedience show

We need a burger van...
 View
15/Sep/2012Midlands (East)
80/Alternative Music Festival

5,000...
 View
21/Jul/2012Midlands (East)
Bedford River Festival 2012

The Bedford...
 View
17/Aug/2012North East
Tribfest 2012

Following the continued s...
 View
01/Sep/2012Midlands (East)
Central England 4x4 & Militaria Show

10...
 View
04/Aug/2012Midlands (East)
Central England Classic Car & Bike Show

 View
30/Jun/2012Midlands (East)
Central England Bike Show

10,000...
 View
05/May/2012Midlands (East)
Central England Caravan Boat Show

10,00...
 View
27/Jul/2012Midlands (East)
billing landrover

two food left no gp o...
 View
21/Jul/2012Midlands (East)
billing bike

one site left...
 View
07/Jul/2012Midlands (West)
'Live in the Park' charity outdoor music concert
 View
03/Jun/2012South West
Jubilee Fete

The event will be a modern...
 View
19/May/2012Midlands (East)
Two Day Dog Agility Show

Breakfasts L...
 View
14/Jul/2012London
Dartford Festival 2012

Dartford Borough...
 View
13/Jul/2012East Anglia
Stowmarket Carnival

Various opportuniti...
 View
09/Jun/2012East Anglia
StowFest 2012

the opportunity to sell J...
 View
06/Apr/2012Midlands (West)
Oxford Street Food Festival

This is a d...
 View
07/Jul/2012South West
Dog show

Toasted sandwich unit doing br...
 View
10/May/2012East Anglia
Stevenage Day – Town Show

Wide range of...
 View
23/May/2012South West
The Forces March 2012

300 runners and w...
 View
02/Jun/2012London
Bourne Hall Music Festival

We have a ca...
 View
08/Jun/2012
Oktoberfest, Olympics, Euros 2012, Running of the ...
 View
06/Jul/2012London
Wakestock Music Festival (Europes Largest Wakeboar...
 View
12/Mar/2012
Game of Thrones DVD Launch

We have a sp...
 View
21/Jul/2012Midlands (East)
Bedford River Festival 2012

The Bedford...
 View
04/Aug/2012Wales
The National Eisteddfod of Wales

Tender...
 View
06/Apr/2012Midlands (East)
Carlton yorks Game Fair

Catering & Ice ...
 View
03/Mar/2012Midlands (West)
Game Fair

Catering & ice cream required...
 View
02/Jun/2012Midlands (West)
Birmingham Pride 2012

70.000 plus atten...
 View
06/Jul/2012South West
concert

Fast, hot, food. pizzas, hotdog...
 View
19/May/2012Midlands (East)
Show / Festival

I need ice cream tender...
 View
22/Apr/2012South East
The Garden & Craft Festival

The Basings...
 View
20/Jul/2012Midlands (East)
a lost weekend music festival

A new mus...
 View
16/Jun/2012Scotland
Duntreath Castle garden Show

Duntreath ...
 View
18/May/2013Wales
Shropshire Truck Show 2013

15000 attend...
 View
05/May/2012South West
The Pen Is Mightier Than The Sword Outdoor Musical...
 View
01/Jul/2012London
Wedding

Hi I am possibly interested...
 View
07/Jul/2012Wales
Dare Valley Ink n Iron 2012

We are look...
 View
07/Jul/2012Wales
Tattoo convention / music festival

...
 View
21/Jul/2012Midlands (East)
Bedford River Festival

The Bedford Rive...
 View
04/Aug/2012London
Wedding Venue & Catering

Caterer must h...
 View
15/Jun/2012London
catering for accomodation during olympics
 View
 View All
For Sale
18ft High Output Mobile Catering Trailer
£21,500
 View All  


 
  © Copyright 2009 NCASS All Rights Reserved | The Nationwide Caterers Association Ltd | Association House 89 Mappleborough Rd, Shirley, Solihull, West Midlands B90 1AG
Tel: 0121 603 2524 | Fax: 0121 474 3938 | Email: bob@ncass.org.uk
Terms & Conditions | Privacy Policy