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Form the right kind of company and don’t appoint minors

Home / Blog Entry / Form the right kind of company and don’t appoint minors

We are an accountancy firm that can assist its clients with a wide variety of matters. People and businesses come to us for many reasons. One of them would be that we are the top team specialising in new company formations Stoke Newington has. Our advice is second to none and the overall service is nothing short of first class.

Many individuals will probably inform you that establishing a business isn’t difficult. In fact, it is possible to do this online without any guidance or advice. The issue here however is that you can make easily avoidable mistakes. The following are some examples of these.

What kind of company do you want to form?

New company formations Stoke NewingtonForming the wrong sort of company is one of the biggest issues. Most limited companies register for the purpose of making profits. Due to this, a business limited by shares is usually preferable.

However, you might be managing an organisation that is non-profit. It may want protection from limited liability too. In this case, a shares company probably won’t be the right one. Usually, you would use a company limited by guarantee for non-profit establishments. Examples include clubs and charities.

Rectifying the problem of choosing the wrong form of company is expensive and time-consuming. Therefore, it is best not to make it in the first place.

They might be too young

The next mistake is equally as important to avoid. It is appointing minors. A company director is unable to be under 16 years of age under the Companies Act. It is not recommended for you to appoint someone under 18 years old as a shareholder or company director. This is something that can influence your future business contracts and bank account application. Minors might not be able to enter into contracts legally.

Talk to the best team for new company formations in Stoke Newington

At Brian G Lonis & Co, our goal is to provide everyone with high value, cost effective solutions. We also tailor our services to meet each client’s specific goals. In addition, we provide ongoing support for businesses. This can include accounting, bookkeeping, and more.

If you need help from the finest business excelling in new company formations Stoke Newington has, contact us. We can discuss your needs and then suggest the right options.