Peacock Carter Limited<br />Company Introduction for Kings Academy<br />
Who we are<br />Michael Peacock – Director<br />Richard Carter – Director<br />
About Peacock Carter<br />Digital Agency based in the North East<br />Web design<br />Web development<br />E-Commerce<br /...
Our beginnings<br />Both directors previously ran separate businesses as Sole Traders<br />Formed Peacock, Carter & Associ...
Sole Traders<br />Before forming Peacock Carter, we both owned our own independent businesses<br />No employees<br />Part ...
... As sole traders<br />The business = the sole trader (though can have employees)<br />Unlimited liability<br />Personal...
Forming the partnership<br />For dual ownership – needed either Partnership or Limited Company (or Limited Liability Partn...
... As a partnership<br />The business = the partners<br />Unlimited liability<br />Jointly and severally<br />Each partne...
Why incorporate?<br />Became a full time business<br />Higher turnover, more clients, more services, employees, and more r...
Incorporating<br />Costs to setup (Registration with companies house)<br />Costs to file documents (Annual Returns)<br />C...
Limited Company Cheatsheet<br />
Other Options?<br />Charities<br />Unincorporated<br />Incorporated<br />Trustees can’t take money from charities!<br />Co...
How to decide?<br />Look at Risk vs Reward<br />How many people are involved<br />How does ownership need to work<br />
Our risks<br />Client emails go down<br />Use third party email service<br />Website goes down<br />Contracts with clients...
What other risks?<br />What other risks do you think we have?<br />How can we mitigate the risks<br />
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Corporate Structures - September 2010

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Presentation given to students at Kings Academy - September 2010

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  • Introduce ourselves and some background
  • Corporate Structures - September 2010

    1. 1. Peacock Carter Limited<br />Company Introduction for Kings Academy<br />
    2. 2. Who we are<br />Michael Peacock – Director<br />Richard Carter – Director<br />
    3. 3. About Peacock Carter<br />Digital Agency based in the North East<br />Web design<br />Web development<br />E-Commerce<br />Search Engine Optimisation<br />Hosting / Email provisions<br />
    4. 4. Our beginnings<br />Both directors previously ran separate businesses as Sole Traders<br />Formed Peacock, Carter & Associates as a partnership<br />Incorporated as Peacock Carter Limited<br />
    5. 5. Sole Traders<br />Before forming Peacock Carter, we both owned our own independent businesses<br />No employees<br />Part time<br />Low turnover / low risk (high personal risk if something were to go wrong)<br />“Freelance”<br />Setup and accounting free (DIY!)<br />
    6. 6. ... As sole traders<br />The business = the sole trader (though can have employees)<br />Unlimited liability<br />Personal drawings and salary = profit<br />Income tax payable on profit above personal allowance (incomes over ~£6,000)<br />
    7. 7. Forming the partnership<br />For dual ownership – needed either Partnership or Limited Company (or Limited Liability Partnership)<br />Business was still part-time, low-turnover with low risks – partnership quickest and easiest<br />Setup and accounting still free (DIY!)<br />
    8. 8. ... As a partnership<br />The business = the partners<br />Unlimited liability<br />Jointly and severally<br />Each partner is liable within the partnership, regardless of partner at fault<br />Personal drawings and salary = profit<br />Income tax payable on profit above personal allowance (incomes over ~£6,000)<br />
    9. 9. Why incorporate?<br />Became a full time business<br />Higher turnover, more clients, more services, employees, and more risk<br />Plans to take on employees<br />Profit sharing / share ownership scheme for employees?<br />Partnership was no longer appropriate<br />
    10. 10. Incorporating<br />Costs to setup (Registration with companies house)<br />Costs to file documents (Annual Returns)<br />Compliance – accounting more in-depth<br />Profit taxed directly (corporation tax)<br />Shareholders can take salary as “dividend loan” out of profits – without the need to pay tax personally on such incomes under ~£30,000<br />Accountant!<br />
    11. 11. Limited Company Cheatsheet<br />
    12. 12. Other Options?<br />Charities<br />Unincorporated<br />Incorporated<br />Trustees can’t take money from charities!<br />Community Interest Companies: Limited companies <br />Limited Liability Partnership: Similar to Limited Companies with some attributes from partnership carried over<br />
    13. 13. How to decide?<br />Look at Risk vs Reward<br />How many people are involved<br />How does ownership need to work<br />
    14. 14. Our risks<br />Client emails go down<br />Use third party email service<br />Website goes down<br />Contracts with clients / suppliers<br />E-Commerce website stops processing orders<br />Contract with client / Insurance policy<br />
    15. 15. What other risks?<br />What other risks do you think we have?<br />How can we mitigate the risks<br />
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