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An Insight About Limited Company Contractors And The Umbrella Companies
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A limited company is defined as an organization wherein the responsibility of the investor, owner, as well as, the members is only on what they have invested in the company and have taken guarantee of. They are known as limited companies because they are limited by either guarantee or shares. Any limited company, which is limited by shares, can be further subdivided into public and private as its shares can be owned by both the sectors. Limited Company Contractors can be people who are self employed and are not working under anybody.
These contractors have a lot of administrative responsibility but simultaneously they also enjoy the freedom of working for themselves. limited company contractor have a lot of benefits as this is a very tax efficient process and they can always make use of in magnifying their earnings. In the present scenario many agencies feel free and secure in operating with Limited company contractors rather than any human resource or freelancer.
Umbrella Company is slightly different from limited Companies as this company provides employment to contractors of various agencies on contract basis. umbrella company can be described as employers who provide employment on some fixed contract for some fixed period of time. They help in building a bridge between the recruitment agencies who are the client and the limited company contractors. Recruitment agencies need to issue contracts so as to get free from some of their responsibilities.
The umbrella companies help the agencies to issue contracts to the limited company contractors for a fixed period of time. Whenever a work is complete the invoice for payment is prepared and once the umbrella companies receive the payment then they do the payment for limited companies also. After the introduction of IR35 legislation by the British Government in UK, Umbrella companies have become more prominent.
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