While there isn't a legal or formal definition of the term, personal service companies (PSC) refer to limited companies that are owned by a contractor, who is also the only shareholder and sole director. In some instances, the company may also be owned by a very small group of individuals.
The SIC code is a five-digit Standard Industrial Classification code. These codes are used by government bodies and agencies to systematically identify and categorise the principal business activities of companies operating in the UK.
You can change the name of your limited company through a third party (such as a company formation service), or directly with Companies House.
If you're opting for the latter, you need to complete form NM01. There is a £10 fee payable to Companies House to file the form.
If you're trading as a limited liability partnership, you need to file form LL NM01. A £10 fee applies.
Limited companies provide numerous benefits, from tax savings to limiting your liability.
But the first step is to understand what a limited company is exactly, and whether setting up such a company can help you achieve your goals. This article will clearly explain the pro's and con's so you can make an educated decision.
In a nutshell, a limited company is a private company that's a separate legal entity from its owner(s). For freelancers and contractors, a limited company is one of the three main business structures that you may use to run your business (the others being sole trader and umbrella companies).
In this article, we walk you through:
A company number (also known as a company registration number) is an eight-digit number that is assigned by Companies House to a company upon incorporation.
You can locate the number on your certificate of incorporation. The first digit of the company number is usually a zero, and is omitted in most instances. As such, your certificate of incorporation will show a seven-digit company number.