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How to set up Limited Company

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How to set up Limited Company

I ahev got forms from the companies house...do i fill that in then get it signed by the solicitors and directors...do i havw to fil in any other forms or notify anyone


please advise

Cheers
9 REPLIES
Community Veteran
Posts: 5,878
Registered: 04-04-2007

How to set up Limited Company

There is a lot of information on the net about setting one up, but probably the best person to advice would either be companies house or your solicitor.

Chris
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How to set up Limited Company

Hi there,

Before completing the forms, consult your Company Accountant and Solicitor for advice.

I would respectfully suggest that this may not be the best source of advice for such an important matter.

You may find this site of help.
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How to set up Limited Company

Ive searched the web and trying to find a good site at the moment

Do i have to pay the solicitor for advice or do they give advice for free lol soz bit new to this
LiamM
Grafter
Posts: 5,636
Registered: 12-08-2007

How to set up Limited Company

After working out exactly what I was doing, I used http://www.incorporateonline.co.uk/ to do it all for me. I went for the more expensive option as it provides everything required by law.

People to speak to :
- Solicitor / Accountant (Many will do it all for you)
- Business Link
- FSB (Federation of Small Businesses)

All have websites.
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How to set up Limited Company


You can buy a ready made Limited Company. Probably, as other posters have pointed out, from your solicitor. Although the business section in the Sunday Papers will carry adverts for 'off the shelf' Limited Companys'.

You then change the name and make sure that the memorandum of articles and association reflects the trade that you are intending that Company to operate in. You will have to have (if I remember correctly) two directors, one of which will be the Company secretary. Try and avoid this position, they are the ones who have to ensure that all the legal stuff is complied with and who gets the sticky end if it's not. The Company Chairman can be either of the directors as can the Company Secretary.

It's not a requirement to have a Company Chairman but they do have the casting vote if there is a 50/50 deadlock at a vote.

I would also suggest buying a copy of The Companies Act 1985.
LiamM
Grafter
Posts: 5,636
Registered: 12-08-2007

How to set up Limited Company

Firstly, the Company Secretary has no legal ties to the company. They're not responsible legally for ensuring documentation is filed on time etc... This is solely up to the Directors, though correspondance is usually directed to the secretary...

Secondly, you can either have 2 directors with one of you being the secretary, or have one director and appoint another person as a company secretary.
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How to set up Limited Company

Quote
....... the Company Secretary has no legal ties to the company.


Every company has a memorandum of association,
which determines its name, where it's registered office
may be situated and what it may do (its objects).

The rules for the conduct of the company's internal affairs
are contained in it's articles of association.
(E.g. It may state that the company cannot own shares in another company).

If you buy an 'off the shelf' company you may have to
officially change these rules to suit your needs.

Every private limited company needs to have at least one director (and a secretary).
There is no maximum limit to the amount of directors you can have.

Companies must keep a register of directors and secretaries, which must be available for public inspection.

Directors are not generally required to own share's in the companies that they manage, but there is nothing to prevent them from doing so, and they often do.

Every private limited company needs to have a secretary (and at least one director).The secretary is the chief administrator for the company. He or she normally takes charge of ensuring that any documents which need to be sent to Companies House are sent on time. The secretary can also be a director, and therefore have the same responsibilities as the other directors. If the secretary isn't a director, he or she is still is an officer of the company and is responsible for it's actions (with the exception of the companies accounts, which are the personal responsibility of the directors).

I don't think we differ vastly Liam, do you?
holdtight
Grafter
Posts: 1,634
Registered: 15-06-2007

How to set up Limited Company

Quote
you can either have 2 directors with one of you being the secretary, or have one director and appoint another person as a company secretary.

Is this a legal requirement with limited companies to have a company secratary as well as the obvious director/s
Does this just apply to a limted company or all companies ?
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How to set up Limited Company

If you can do what i do and work under an umbrella company, which means you pay them a fee every week, they do all the accounts for you and get you tax breaks so you end up getting more than you would (even after the fee)

I prob earn an extra 20-30 quid a week if not more thanks to this Smiley

i use giantgroup.com for mine (although i am a contractor so may be different)