Uk Private
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Uk Private
The school system in the UK can proudly call itself one of the most complicated in Europe. Not only it is not the same across the kingdom but also the number of changes that have taken place in the last 50 years have made it equally confusing for a British person or for a foreigner. Lets start from the beginning. There are two types of schools in the UK: state schools where education is free and private schools where you have to pay. The only thing is that private schools in Britain are called … public. Why? A long time ago when education was a privilege of the rich, the only schools where poor people could go were funded by charities (organisations that collect money for people in need). As it was public money, the schools for the poor were called public schools. Logical, isn't it? However, in the course of history many public schools became very successful and turned into expensive private schools but the conservative British continued to call them public schools.
Until very recently public schools were either boys or girls only. Public schools can be full boarding (pupils live there all academic year except for holidays), normal (pupils go home every day) and mixed (some pupils go home every weekend and some stay).
Well, the first thing you need to have is money as some public schools charge up to £20,000 a year. There are some grants for bright pupils as well but the places are few and the competition is very strong. Therefore, it comes as no surprise that only six percent of the people in the UK can afford it. The other important criterion is that you have to belong to the right class as the class system in Britain is still very important. Mostly, public education is a privilege of the upper middle and upper classes.
Harrow , the second best public school in the UK after Eton, was founded in 1572 as a public school for the children of poor farmers but rapidly became one of the most prestigious private schools in the country. Famous Old Harrovians include Winston Churchill and Lord Byron .
One of the reasons why parents choose Harrow is that its aim is "to produce young men who will go on to be leaders in their chosen professions" (B. Lenon, Head Master). This means that Harrovians are more likely to do well than people who went to ordinary schools. Why? Well, for one thing, the quality of education is better since the school has better resources and funding. For another, the school's excellent reputation: the fact that you are an ex-Harrovian is some kind of "passport" for a brighter future.
Harrow is an all-boys school with 800 pupils. It is a full boarding school with nineteen boarding houses. A boarding house is a building where pupils sleep and rest. Each boy either has a separate room or shares one with another boy. Boys' security is one of the school's top priorities, so all boarding houses have three resident staff and very strong locks. Some also have a thick wall all around and a metal net over the yard. Even parents are not allowed there.
The school has outstanding facilities including the best golf courses, a swimming pool, the latest computers and even the best school theatre in the UK. All teachers live in the school to make sure that pupils are offered a diverse range of evening and weekend activities.
Good nutrition is also very important. Have a look at the average menu:
The lowest admission age for the school is thirteen. The school is very prestigious, so some parents apply as soon as their son is born! Normally parents register their son at least two years in advance. Most candidates have to attend an interview, do well in primary school and pass a test. There are some free places for gifted pupils but most pupils have to pay about £13,000 a year plus extra charges.
Dr John Rees Smith, Head of Language Centres, Middlesex University:
“As we live in London it was rather difficult for us to find a decent local school, so my wife and I decided that private education was a better option for our children.”
“In our opinion, the main advantages of public education are good academic standards, better exam results, dedicated staff and a chance to mix with children from good backgrounds. There is also an opportunity to study elite subjects such as Latin and Greek, and start learning modern languages earlier.”
“On the negative side, I would certainly mention high fees and that most public school kids have very well-to-do parents, so it can be a bit intimidating for poorer children.”
James Thomas, English Teacher, London:
“I come from an upper middle class family (my father is a lawyer), so it had been decided that I would go to a public school before I was born. It was a local mixed boarding school for boys, so my parents took me home every weekend and I did not feel very lonely. The main thing that you should understand about public education is that it is all about class. In our school there were some bright kids from poor working class families who got a scholarship. I always felt sorry for them as they could never truly blend in. Other boys always laughed at their accents and lack of money.”
“A lot of upper middle and upper class families traditionally send their kids to full boarding schools because they do not want their children to be near home as it interferes with their social life. It is very sad because it means that no close relationship between parents and children can develop.”
“I also do not like the idea of single sex education, especially for boys, as it can lead to future communication problems with the opposite sex.”
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Most new companies registered in the UK are Private Limited Companies limited by shares.
The reason why the Private Limited Company platform is so popular is because it allows profits to be shared by the shareholders while restricting financial liabilities. The liability for company debts is limited to each shareholder’s value of their shares. This protects shareholders’ personal assets if the LLC encounters any financial problems.
The law which created and governs Private Limited Companies is The Companies Act 2006 which was amended by the Corporation Tax Act 2009.
The United Kingdom of Great Britain and Northern Ireland otherwise known as Britain or the UK is located in Western Europe. Its political system is a unitary parliamentary constitutional monarchy with Queen Elizabeth II as its monarch and a democratically elected Parliament with its Prime Minister.
UK Private Limited Companies enjoy several benefits like:
• Limited Liability: Shareholders liability is limited to the value of their total shares.
• Simple Registration: A LLC can be registered faster and more simply than UK corporations.
• One Shareholder/Director: Only one shareholder is required who can also be the sole director.
• No Minimum Share Capital: Shares can have any value even as low as £1(GBP).
• No Required Meetings: The government does not require any type of meetings to be held.
• Secure Political and Legal Systems: UK’s political and legal systems have been consistently secure for centuries.
• English: The official language is English.
Company Name
As long as the LLC company name is not similar to any other UK company’s name, there are no restrictions regarding the type of name chosen.
“Same as” names include when the only difference with existing names are:
• Special characters like using the “plus” sign; or
• A character or word commonly used in UK company names; or
• A character or word appearing similar or with the same meaning as another existing name.
An example would be “Hand’s Ltd” or “Hands UK Ltd” being the same as “Hands Ltd”.
The company name must end with either the word “Limited” or the abbreviation “Ltd”. For a LLC formed in Wales, the name can end with the Welsh word “Cyfyngedig” or abbreviation of “Cyf”.
A Private Limited Company is defined as:
• is a separate legal entity than the owners;
• The finances are separated from personal ones; and
• The profits are kept after payment of taxes.
Limited Liability
Shareholders liability is limited to the value of their total shares.
Registration
Applications for registering a new LLC are made with the government’s Companies House.
Applicants must select a unique company name, obtain a company address, appoint one director, provide details of the company’s shares and have at least one shareholder, and select the proper SIC Code identifying the appropriate industry classification. In addition, the shareholders must create written rules called the Articles of Association with a Memorandum. Finally, describe those individuals who maintain significant control over the company (those holding more than 25% of the shares or voting rights). The LLC can be registered online, by mail, or by using an agent.
After registering, the government will issue a “Certificate of Incorporation” which verifies its legal existence and contains the formation date and company number.
Within 3 months of the date on the “Certificate of Incorporation”, the new LLC must register for the Corporation Tax which can be performed online.
Company Address
Every company is required to have a registered company address in the UK in the same country where the LLC is registered, such as in England or Scotland.
Directors and Company Secretary
Every LLC must have at least one director who runs the company which can be a natural person over 16 years old. If there is more than one director at least one must be a natural person while the others can be companies. A shareholder can be the director. Directors are legally responsible for the LLC. The names and addresses of the directors are part of the public records with the Companies House.
A Private Limited Company is not required to have a company secretary. However, if one is appointed the secretary can be a director but cannot be the company auditor or currently in bankruptcy.
Shareholders
Most LLC’s are “limited by shares” meaning they are owned by the shareholders who hold specific rights. Such rights may include voting and agreeing to company changes. A single shareholder owns the LLC. There is no maximum amount of shareholders.
Shares can have any value even as low as £1which limits the shareholder’s liability to the amount of shares value.
When registering the LLC, information about the shares (known as a ‘statement of capital’) must be provided to the Companies House. This includes:
• The company’s “share capital” which is t he number of shares and type the company has and their total value; and
• The names and addresses of all shareholders – known as “members” or “subscribers”; and
• The “prescribed particulars” which are the rights each type of share class each shareholder has including:
(b) Voting rights and number of votes obtained; and
(c) If shares can be redeemed (exchanged) for money.
Memorandum and Articles of Association
The “Articles of Association” are the written rules regarding how the LLC will be run as agreed upon by the directors, company secretary, and the shareholders.
A “Memorandum of Association” is a document signed by the initial shareholders agreeing to form the LLC.
Taxes
Every LLC must register for the Corporation Tax with the HM Revenue and Customs (HMRC). Since April 1, 2016, the Corporate Tax rate for profits is 19%. Even if the LLC has no taxes to pay or records a loss, a Company Tax Return must be filed at the end of every year. The deadline for filing the tax return is 12 months after the end of the last accounting period.
Besides the Corporation Tax, there are Value Added Tax (VAT) and Capital Gains Tax for the business.
Annual General Meetings
Private Limited Companies are not required to have an annual general meeting. However, 5% of the shareholders can call for a general meeting by written notice at least 14 days before the meeting. Ordinary meetings can be called by the directors at any time with at least 14 days prior written notice before the meeting occurs.
Minutes of all meetings are required to be recorded during each meeting.
Required Records
The following records are required to be maintained:
• Detailed records of directors and secretaries in the LLC.
• Detailed records of the number of shares held by every shareholder in the LLC.
• Detailed records showing loans and other liabilities that the LLC has.
• Detailed records showing directors’ interests upon LLC registration, with later updates.
• Detailed records of the residential address of every director in the LLC.
Public Records
Everything filed with the Companies House are available for public inspection.
Shelf Companies
Shelf companies for a LLC are not available to purchase.
UK Private Limited Companies enjoy several benefits like: limited liability, simple registration, only one shareholder and director are required, no minimum share capital, no required meetings, secure political and legal systems, and English is the official language.
A dedication delighting our customers, to accurate document filings, to timely service for those items within our control, and serving the best interest of our treasured clients.
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