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arkvalleyinfo
February 7, 2019
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Company category for a Ltd company?

  • February 7, 2019
  • 2 replies
  • 0 views

just starting and im in 'Account & Settings' .................'Company Type'


as a Ltd Company which category do I select?     not quite clear?

    Best answer by Rustler

    an ltd is a corporation

    BUT

    if you are using the UK version it should be there.

    Check the customer records and see if the address block is US (city, state, zip code) and check taxes to see if VAT is there or is it just sales tax (US)

    if you have the US version it will not work well in the UK, cancel and go here
    https://quickbooks.intuit.com/choose-country/


    2 replies

    Rustler
    RustlerAnswer
    February 7, 2019

    an ltd is a corporation

    BUT

    if you are using the UK version it should be there.

    Check the customer records and see if the address block is US (city, state, zip code) and check taxes to see if VAT is there or is it just sales tax (US)

    if you have the US version it will not work well in the UK, cancel and go here
    https://quickbooks.intuit.com/choose-country/


    K
    kbailey1
    August 16, 2020

    We are a UK 'Private Limited Company'

    Under the account options - Advanced - Company type - Tax form - we don't know whether to choose 'Partnership or Limited Liability Company' or 'Limited Liability'.

    Such a basic, simple part of the set up - seems crazy to me that there is not a simple answer to this.  The online help struggled - and I don't have confidence in the answer they provided.

    So - for a UK Private Limited Company - should we choose 'Partnership or Limited Liability Company' or 'Limited Liability'?

    K
    KatL
    October 1, 2020

    I was wondering if you got an answer to this - I am trying to do this as well?

     

    T
    t4241
    October 10, 2024

    The correct choice for a

    Private Limited Company

    aka

    Limited Company

    or if you have

    LTD

    at the end of your business name and have a company number given to you from Companies House in the UK is:

    Corporation, One or more shareholders.

    Most people starting up a Limited Company (Ltd) will incorporate with 1, 10 or maybe 100 shares of £1 - usually the norm for most people. Whether you are the sole director of the company and own all the shares or split the shares with someone else (other directors, wife, husband etc).

    Your company is a CORPORATION as you incorporated it with companies house.

    You or you and others are shareholders.

    Hope this helps?

    LLP's and LLC and something entirely different:

    Limited Liability Partnership and Limited Liability Company.

    Both LLP/LLC and LTD are similar in some ways yet different in others. One of the main differences is that LTD companies pay corporate taxes on their profit, unlike LLC entities where taxes are passed on to the members to pay on their personal income, and both are common for founders around the world.

    LLC more popular in the US LTD more in the UK

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