If you register a limited company, you can each take shares in the company. This means you will each own part of the business and will be entitled to a percentage of the profits.
As shareholders, you will all be protected by limited liability, so you will not be legally responsible for business liabilities beyond what you agree to pay for your shares.
You will also have to appoint at least one director. Alternatively, you can all be directors and share the responsibility of running the business together.
Option 2 - Limited liability partnership (LLP)
If you register an LLP, you will each assume the role of LLP member (partner). There won’t be any shares to take - you will each simply work through the partnership as self-employed individuals and take whatever profits are generated from your own work. This may be an easier option for working out your personal contribution and profit entitlement.
You will still enjoy limited liability through an LLP, so your personal finances will be protected beyond whatever sum of money you invest or guarantee to the business.
I would strongly advise speaking to an accountant or setting up a meeting with a business advisor at Business Gateway. They will be able to tell you the best structure after discussing your plan and specific needs. Good luck!