Business Type

Hi - just in the process of signing up and fallen at the first hurdle! We are a non-profit making marketing consortium of individual companies and we are vat registered. Looking at your business types, we do not fit into any of the criteria. What do you suggest please?

Hi @cottageline

As a general rule, if you’re incorporated it would be a limited company.

There isn’t a big difference between the account types other than a few nominal codes and handling of particular parts (e.g. a limited company has a Director’s Loan Account, a Sole Trader has a Proprietor’s Drawings Account; a limited company has nominals for corporation tax).

As a consortium, can I just clarify - is it a legal entity in itself, or is it just an agreement between the companies?

It is an informal trade association of individual uk companies in the same business. Not limited nor a registered charity. I suppose the closest would be an unregistered charity or a sole trader without benefits!

I would term it a club or association.

Unless it is registered with Companies House, I would think Partnership may be the best choice (given there are multiple entities involved).

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