|
Sitemap
FAQ
- Frequently
Asked Questions
What
is a Limited Company?
Choosing
a name for your Limited Company?
How
long will it take to form my company?
Which
type of company do I need a LTD or a PLC?
Can anyone be a company director or secretary?
What is a Registered Office?
Will
I need to file audited accounts?
Do
I need to be VAT Registered?
What
if I need a different share capital?
How do I
place an order?
What
is a certificate of Incorporation?
What
is a certificate of Non Trading?
What
are Memorandums and Articles of Association?
What
is a Limited Company?
A limited company is a separate legal entity created by incorporation
at Companies House. Once incorporated Companies House issue
a certificate and company registration number. This becomes
the company's ID so to speak. You can change the company's
name at any time but you still keep the registered number.
The profits, losses, assets and liabilities belong to the
company. The company is then owned by its members (the shareholders)
and run by the managing director or directors. This gives
the directors Limited Liabilities. If the company should fail
the directors personal assets are protected. Because a company
has a life of its own the business can continue to trade despite
the resignation or death of any directors or shareholders.
Other reasons for choosing a Limited company could include
ownership of property, obtaining outside finance, taxation,
status and protection from risk.
Choosing
a name for your Limited Company?
Every company has its name registered at Companies House.
No two UK companies can have the same name or names that are
similar to another company, so as to cause confusion. Certain
words and phrases are classed as sensitive by the Department
of Trade and Industry. If this is the case you will be prohibited
from using them or you might have to justify you are entitled
to use the name. We can help and advise you and arrange justification
if necessary. For more information on this subject see Companies
House notes CHN2, CHN3 & CHN11 .
Also with the growth of the Internet these days you might
want to advertise your company on the Internet, it would be
an advantage to have the same domain name, as your company
name. We can also register a domain name to suit your company
name if required.
How
long will it take to form my company?
This varies depending on how busy Companies House is but
standard formations normally take 8 days. If they come through
any sooner they are automatically sent out to you by courier
on the day we receive them back from Companies House as long
as payment has been made in full.
Ready-made companies are available immediately and the documents
are delivered by courier in the UK mainland the following
working day.
Same-day companies can only be formed on UK working days
and must be ordered by 12 noon if wanted the same-day, Otherwise
if ordered after 12 noon you will be advised the details the
next working day. Original documents are delivered by courier
in the UK mainland the following day from registration.
Which
type of company do I need A LTD or a PLC?
A LTD company is the most common type, this is a private
company limited by shares. We form the LTD company with an
authorised share capital of £1,000. This is then divided
into 1,000 x £1 shares. You can then issue as few or
as many of the shares as you want. As long as the shares you
have issued are paid for in full, if the company liquidates,
the shareholders have no further liabilities. If the shares
have not been paid for the shareholders are liable for the
value i.e. if they have 100 £1 shares, they only are
liable for £100
A PLC company is a public company and may be listed on the
Stock Exchange or the Unlisted Securities Market (if wanted)
a LTD company cannot. Before a PLC can start to trade it must
have at least £50,000 of shares issued and at least
25% of the value must have been paid for. A PLC company has
a better status due to its larger capital
Companies House notes CHN30 explain further about share capital.
Can
anyone be a company director or secretary?
Anyone, of any nationality anywhere in the world can be appointed
director unless:
- They have been disqualified by court order
- They are an undischarged bankrupt
- They are a foreign national subject to restrictions imposed
by the UK Government.
A LTD company can have 1 or more directors and 1 secretary,
also a sole director cannot become company secretary. The
company secretary of a LTD company does not have to be qualified
to hold the position.
A PLC company must have at least two directors and the company
secretary must be qualified to hold the position.
Companies House Document CHN15 & CHN16 explains further
the duties and responsibilities of these positions.
What
is a Registered Office?
A company registered in England & Wales must have a registered
office in England or Wales, and the same goes for companies
registered in Scotland, they must have a Scottish address
for their registered office. The registered office is the
address which all Companies House letters and reminders will
always be sent, also all statutory documents. This is the
address Companies House keep on public record. If your trading
address is different you must make it clear what your registered
office address is. We can offer you a registered office using
our Stourport Address. We would then forward any post on to
you, but this service is not available for your every day
trading post. For your registered office you could use your
business address, the directors home address or an accountants
etc. you cannot use a PO Box address.
Will
I need to file audited accounts?
All companies must file accounts with Companies
House and there are penalty fines if you are late.
If your company has a turnover of less than £1,00,000
per year you can claim exemption from being audited
but you must include a report by a qualified accountant.
Your accountant will be able to advise you further on this
mater.
Do
I need to be VAT Registered?
You may need to be registered for VAT, it will depend on
your turnover. Your accountant will advise you on this.
If you want to know more about The VAT and Customs you can
visit their website, which you will find listed on our
links page. We also send a booklet out will all companies,
titled "Should I be VAT registered"
What
if I need a different share capital?
All our UK Limited companies are formed with £1,000
share capital. If you need a different amount please advise
us at the time of ordering.
PLC companies are formed with £50,000
How
do I place an order?
You can use our on-line order form or if your prefer you
can fax, e-mail or post us the information.
All orders are confirmed and acknowledged by return.
What
is a certificate of Incorporation?
This is the Official certificate that Companies House issues
when a company is incorporated.
It will include the date of incorporation, your company name
and registered number.
It will also confirm where the company was registered i.e
England and Wales or Scotland.
We send this to you along with your other documents by courier.
What
is a certificate of Non Trading?
This is a certificate that we supply guaranteeing your
company has not traded prior to it being transferred to you.
What
are Memorandums and Articles of Association?
These are a legal document showing the rules for running
the company.
They show what the company can do by law, where it's registered
office should be, how much share capital can be issued etc.
Unless you have requested differently your memorandum and
articles will state that the company's registered office will
be in
England or Wales and your maximum authorized share capital
is
£1,000 for LTD companies and £50,000 for PLC's.
Your bank will require a copy of your memorandum and articles
of
association when you open an account for the company.
What
is a Form 288a?
This is the form used to appoint new directors and company
secretary.
We act as nominees for the formation of the company. We supply
copies
of this form already signed ready for you to appoint your
own director and secretary.
These must be returned to Companies House within 14 days of
appointing a
director or secretary. Failure to do so is an offense but
it does not affect
the validity of the appointment.
What
is a Form 287?
This is the form to change your registered office and will
be the
address for all statutory notices to be sent to etc. We can
provide
nominee address if required. Registered office details are
covered
in What is a registered office.
What
is a Form 225?
This form is to change your company's accounting reference
date.
A company's financial year will end one year after incorporation
at the end of the month.
If this not convenient for any reason you can change this
by
completing the form.
What
is a combined company register?
We supply you with a hard back loose leaf company register,
which includes share certificates, various other pages to
keep all
your information in regarding your company, minutes of board
meetings,
details of shareholders, directors and secretary's etc.
This is an important company record and should be kept up
to date at all times.
Do
I need a company seal?
Changes to the Companies Act 1989 mean a company seal is
no longer a legal requirement.
If you still require a seal we can supply one at an extra
cost.
Why
do I have share transfer forms?
When a company is formed we hold 2 shares for the formation.
These shares are then transferred to the new shareholders.
Sitemap for our UK Company Formation Services
©1999 - 2005 UK Business Formations Limited
Terms and Conditions
|
