UK Company Formation – How To Get Started

Have you ever dreamed of owning your own business? If so, then read on for a guide on how to get started with UK company formation and some important issues you need to consider. The first thing you will need is a good idea for a company. Ideally, you should also have a good knowledge that will help you make the business a success. Then search the Companies House database to make sure your preferred business name hasn\’t already been used by someone else.

You also need to investigate the different types of company available as there are a few to choose from. If you\’re setting up a non-profit group then you will need to have a company limited by guarantee. However, most companies incorporated in the UK are profit-making companies limited by shares. If you\’ve got a large investment, you could also have a public limited company. There is also such a thing as an unlimited company, but this is not typically recommended.

Your next step is to register the company with Companies House, once everything is in place. It\’s a good idea to check out the services at your local library as they can help you compile everything you need to register the business. You might also want to hire a specialist firm or a solicitor to help you as if you don\’t get the process right you could end up in trouble. It\’s a tricky process, but it is possible to do it on your own if you want to.

You also need to make sure you have your team in place when forming a UK company. For example, it\’s likely that you\’ll need to give the names of your company directors to Companies House, so you should set up a board of directors. This should include a chairperson, company secretary, treasurer and lay members. If you are creating a company limited by shares, then when you create the company you\’ll also need to make sure you have shareholders in place.

Every year, you will need to submit company reports to Companies House. This means you will need to compile accurate accounts that have been verified by a professional accountant and your board treasurer. Also develop a comprehensive business plan that details what you plan to do with the business. You also need to set out who is liable for the business and all the different roles associated with it, so you should develop a constitution or articles of association for the company so it\’s clear.

For All of your INCORPORATING needs contact Samuel Wierdlow Inc. (www.SamuelWierdlowInc.info)