Forming a Limited Company
You can set this up yourself but you may need our help to meet all the requirements under Company Law. First you need to check whether;
- the name you propose is available and acceptable – go to www.companieshouse.gov.uk/home and click on ’company information’ then type in your name
- the internal rules for running the company from day to day may need changing from the ‘standard’ set under the law (the rule book)
Set up procedures
You apply to form your company by submitting Form IN01 together with a fee and the rule book you want the company to follow. This should also include the company’s contact address which is known as the ‘Registered Office’.
The rule book includes the Memorandum of Association which acts as proof that you are operating as a Limited Liability Company.
You must complete a Statement of Capital showing also the initial shareholdings for each person.
Shareholders – the owners
For each shareholder Form IN01 needs to include their;
- Full name
- Full address
- The number of shares held.
Directors – they run the company and are usually the owners as well
Your company must have at least one individual person aged 16 or over and for each director you want to appoint form IN01 must show their;
- Full name
- Former names
- Usual residential address – this can be protected from the public at large - see below
- Full service address (this can be somewhere other than the personal address so that if anyone makes a search they do not find out the director’s personal address). This can be the company’s registered office address.
- Date of birth
- Nationality
- Occupation
- The number of shares they hold/own
You have to record the security details if the Formation is completed electronically as no signatures are required on the Forms.
Post Incorporation Procedures
First meeting of directors
Once Form IN01 has been filed the Registrar of Companies approves the papers and issues the birth certificate known as the Certificate of Incorporation. Under the law the director(s) have to hold an initial meeting to confirm the following matters;
- Appointment of a chairperson, managing director and any other directors
- Approve any employment contracts
- Issue the share certificates
- Set up the bank account including agreeing the authorised signatories and passing the resolution asked for by the bank
- Set the accounting reference date/year end to the day which you want.
The shareholders should buy their shares by paying their money into the business.
Register the company for PAYE and VAT where relevant.
The Directors are responsible for all aspects of running the business.
Arrange a free initial consultation with an Accountant where you can discuss how you want us to listen and help in more detail, please call Alan or Gillian on 01302 311777. Alternatively you can email [email protected] or [email protected]