In order to set up a private limited company, you will need to go through the incorporation phase. This involves registering with Companies House to receive a Certificate of Incorporation. This contains vital information including the date of formation as well as the company number. Without the certificate, the company does not legally exist and should not be in operation. We know all about this through our work assisting with new company formations in London.
What you need to do
Before registering with Companies House, there are a number of steps you need to take. The first is to decide on a suitable name for the enterprise. This must not be the same or very similar to a name already used by a registered company. The only time this is acceptable is if you get written permission from them to use it. You also cannot use sensitive or offensive words.
Once you settle on a name for the company you will need to designate an address where all official communication will be sent. It is important to choose this address carefully otherwise you may miss important information from HMRC or Companies House. The address must be in the same country the company is to be registered in.
All private limited companies must have a minimum of one director and one shareholder; the same person can play both these roles. The director is responsible for the day to day running of the company and will have a number of obligations to meet. The person who holds the position must be legally allowed to; in other words, they must not disqualified from holding office.
The shareholders are owners and have certain rights when it comes to making decisions on the running of the company. A Statement of Capital is necessary to detail how many shares there are, their value and what rights the holder has. You will need each shareholder to sign the Memorandum of Association to say they agree to the new company formation.
The final thing you need is the Articles of Association. These detail the constitution of the company and the rules about how it will be run. Many companies use standard articles to save time. However, it is perfectly acceptable to write your own.
Support with new company formations in London
At Brian G. Lonis and Co we offer support with new company formations in London. We do this as part of our wide range of accountancy services. We have extensive experience in this field. In fact, we can offer the best support for clients throughout Greater London and the Midlands. Through our work, we can ensure people meet their obligations when forming a new venture. If you would like help with this matter, please contact us.