Limited Company FAQs
Posted on 25th August 2021 at 12:26
WHAT IS THE BENEFIT OF LIMITED LIABILITY?
Limited Liability protects the owner of a Limited Company from personal loss as the company is a separate entity and hence has its own profits and debts. This is unlike the owner of a business (sole trader) as his business debts would in fact be his personal debts.
HOW DO I CHECK IF MY CHOSEN COMPANY NAME IS AVAILABLE?
You can check the availability of a Limited Company name via our online search service. When choosing your name there are some factors to consider. It needs to be unique and must not be offensive, constitute a criminal offence or give the impression that the company is connected with the Government or a Local Authority. If you have any queries, please contact us and we will be able to offer expert advice.
WHAT INFORMATION DO I NEED TO SUPPLY FOR THE NBR TO FORM MY LIMITED COMPANY?
1) the company name.
2) the people:
3) - names and addresses of the shareholders
- names and addresses of the directors
- dates of birth
- telephone numbers
4) - town of birth
- mother's maiden name
5) a registered office address
6) - company objectives / activities
- the number / type of shares being issued
CAN I FORM A LIMITED COMPANY AND TRADE USING A DIFFERENT NAME?
Yes, although it may be wise to protect your trading name using our Business Names Protection service before commencing business so as not to infringe on an existing trading name and to ensure protection of your name for the future.
CAN I FORM A LIMITED COMPANY AND LEAVE IT DORMANT UNTIL I WISH TO TRADE?
Yes, once the company is formed and the company officers are in place, the company can remain dormant until you need it. However, on the anniversary of its incorporation you must file a confirmation statement and dormant accounts ("nil" if it has never traded) with Companies House. You must also remember to keep Companies House informed of any changes within the infrastructure of the company as they happen e.g., if there are changes in Directorship or Registered office address. This requirement is also the same for companies that are trading, and we can assist you with these ongoing matters.
WHAT OFFICIAL DETAILS AND PERSONNEL DO I NEED IN ORDER TO FORM A LIMITED COMPANY?
To form your company, you will need at least one director and at least one shareholder (these can be the same person). A UK registered office address is also required. This can be your address, or we can provide you with a registered address service.
WHAT ARE THE COSTS INVOLVED?
To set up a new company costs £135 inc. VAT and a full company kit.
WHAT IS INCLUDED IN A FULL COMPANY KIT?
The cost includes all formation fees and expenses and the unique National Business Register full company kit. This comprises of a smart attaché case containing 6 copies of the memorandum and articles of association, the certificate of incorporation, we complete the company register, PSC (Person with Significant Control) information, director forms and share certificates, plus any extras as required.
HOW LONG WILL IT TAKE?
To form a new company takes around 24 hours. Our expert team are on hand to advise what is best for you and guide you through the process so if you have any questions get in touch.
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