The main advantages of forming a company are to provide a flexible framework for ownership of a business through the issue and transfer of shares and limited liability. It also helps to separate your business from your private life – in case of disaster. There is also the benefit of the lower rates of Corporation Tax.
Setting up a company
If you want to set up a company for any of these reasons, or simply to protect a business name, Chamberlains will be happy to help. You’ll need to decide on the ownership (shareholdings) and officers (directors and company secretary), and also on the registered office. We can advise on these matters and can set up a company on the day you decide. We can liaise with the bank to make sure that they have the company documents they need to open an account for you.
To gain the benefits of limited liability, UK law sets out basic rules for companies:
- The need for directors and perhaps a company secretary
- How shares can be issued and transferred
- Paperwork or online returns to be sent to the central registry at Companies House
- What formal meetings are needed, minutes and resolutions
- Internal records of shareholders and office-holders
- Format for statutory company accounts
- Disclosures about the company on stationery, websites, etc
If you have a company you need to comply with all of the above. If you don’t, you may be committing a criminal offence or, at the very least, storing up future problems.
Chamberlains can also provide a full company secretarial service.
We really appreciate the excellent work done by Vikki and her colleagues for us.
To discuss forming a new business, please call +44 (0)1252 702600
or email firstname.lastname@example.org
Chamberlains …professional, friendly, accountancy & auditing services in Greater London, Surrey & Hampshire