chartered
accountants, london accountants, small business advice, tax saving, banking
services, british accountants, business plans, ir35,
business start ups, abell morliss
abell morliss business
start ups ir35
business plans
british accountants
banking services tax saving small business advice london accountants chartered accountants abell morliss business
start ups ir35 british accountants business plans banking services small business advice london accountants chartered accountants
Company Formation
If you decide to operate
your own company we can create one for you. A limited company becomes a legal
entity and as such there are many rules and regulations surrounding the
formation and direction of a company.
A company can either be purchased "off
the shelf" from us for £120 or we can form one specially for you for £150.
If you choose an "off the shelf" company it will be available
immediately. The name will be fixed, but that can be changed at a later date.
We charge £50 for a change of company name. We guarantee that all
"off the shelf" companies have never traded and have no liabilities
whatsoever.
Our
formation service always includes all setting up duties - your VAT
Registration, PAYE scheme, Corporation Tax reference, Bank Account, so that all
the administration of set-up is done for you. We try hard to do as much for you
as we can because we want to look after your accounts as well !
We use a Company Formation Questionnaire to help
obtain the information we require to proceed with the transfer of an "off
the shelf" company or the formation of a new company. The following points
should be read in conjunction with our questionnaire.
If you want a brand new company the first
thing to decide is the company name. We are happy to help in the choice of
name. The name must be unique, inoffensive and not misleading. We can obtain a
verbal clearance, during office hours, that your choice of name is available,
but we cannot reserve the name. It is therefore important that once we have
clearance for your choice of name, the application is submitted as soon as
possible. Now you can check your name
availability with Companies House free - be careful though as their search
algorithm is a bit dicky!!!
The company we form with you will have a
nominal share capital of 10,000 shares of £1 each. This means that you may
purchase up to that number of shares but most clients will only purchase
100 shares, costing £100. Effectively, you should leave £100 in the company
at all times.
We must authorize the company to undertake a
certain activity (it's objects). We suggest the following:
"To
carry on business as a general commercial company."
If this does not cover the potential trade
or your requirements please contact us for custom Objects Clauses.
You need to establish a Registered Office
for the company. This is the Official address of the company. It should
not be confused with the trading address. Each company is obliged to make
available it's statutory records for inspection. The Registered Office is the
place those records are kept and can be inspected.
You can use our office as your Registered
Office for no extra charge. One advantage of this is that correspondence
relating to statutory matters can be sent directly to us by the Registrar of
Companies.
Every company needs at least one director
and one secretary. A sole director cannot also be secretary, therefore, if you
wish to act as director and secretary you must appoint a second director.
A director is a person responsible for the
proper direction of the company. For each director we need to know the
following information:
- Present full name
- Any former names (does not include maiden names)
- Usual residential address
- Nationality
- Business occupation
- Particulars of any other directorships held during the last 5 years
- Date of birth
- National Insurance Number
The Secretary is a person responsible
for maintaining the Company's statutory records. The only information we
require is (1) and (2) above. We have a Company secretarial Service
company which can act as your company secretary for no extra charge.
Finally, the company needs at least one
shareholder. Dividends are paid to each shareholder in accordance with the
number and ratio of shares held. Speak to us about our tax planning for
partner/spouse.
We can discuss your exact shareholding
requirements with you. But you will need to purchase between 1 and 10,000
shares. By purchasing the shares you effectively pay the company for the shares
and this amount must remain with the company. It is not your money, it's the
company's.
It takes around ten days for a new company
to be formed, but as already mentioned, "off the shelf" companies are
available immediately.
Whatever type of company you opt for we will
provide you with the following:
- Three sets of Memorandum and Articles of Association. These are
statements of the Company's name, where it is registered and it's objects.
You will need to provide one copy for your bank, we keep one copy to pass
to the Inland Revenue. The other copies should be kept in a safe place in
case they are needed in the future;
- Three copies of your Certificate of Incorporation. Again, your bank
will require a copy. as will the Inland Revenue which we will send to them
directly. Some bank's insist on seeing the original. Please do not leave
it with them, but rather arrange for them to copy the Certificate and certify
a copy.
- Stock transfer form transferring the initial start-up share to you;
- Minutes of the first meeting of the company
- Guarantee and indemnity that the company has never traded.
- Share certificates in the names of the shareholders as discussed and
advised by you. Please keep these in a safe place as they are originals.
- We will also enclose various forms for you to sign and return to
us. These are forms supplied by the Registrar of Companies and provide
details of the directors and secretary as listed above.
Now you have your company
you are ready to enter the business world.
Return to Home Page