Company Formation
When starting a new company, you have to register as a limited company through the company formation process. A registered company is considered as a separate entity from its owners, having a distinct legal personality however, this not the case with sole traders. The companies are registered with the companies house in the UK that comes under the Department for Business, innovation, and skills.
For registering a company, you will need to provide the following personal information about yourself and your shareholders and guarantors:
- Fathers first name
- Mother’s maiden name
- Your town of birth
- National insurance number
- Passport number
- Telephone number
For registering a company, you need to follow the given steps:
- Check if setting up a limited company is the right choice
- Choose a name
- Appointing a director (necessary) and a secretory (optional)
- Decide the guarantors or shareholders
- prepare a ‘memorandum of association’ and ‘articles of association’
- Check what records you are required to keep
- Register your company with an official address and choose a SIC code
If your company is registered successfully, you will get a certificate of incorporation. Certificate of incorporation shows that the company is now a legal entity and includes the company number and date of formation.
It usually takes 24 hours and costs £12 to register your company.
You can also register your company by:
- Post
- Using an agent or service
- Or using third party software
For more details, click here.
Choosing a Name
While choosing a name for your limited company, you shall keep in mind that it cannot be similar to the name of any other registered company. You are also liable to change your company’s name if it is too similar to an existing company given that the company files a complaint. This is usually the case if a company incorporates a name, similar to other company brand names having the same goods or services. For further details, click here.
You can also check if a company name is available on GOV.UK website.
Benefits of registering a company
Registering a company is not just mere legality, but it brings in other benefits to your business, such as:
- It helps in creating a professional cooperate image
- It gives the image of a trustworthy business to your customers
- It gives your company a distinct legal personality
How can we help?
Setting up a new company can involve extensive paper and administrative work and you might require a lot of research to get affiliated with all the processes. Fortunately, you can hire a legal expert to deal with the process involved in company formation. At Lyel accountant, we offer expert advice and support concerning all matters of company formation. If you are looking to create a new company and need professional assistance, Lyel Accountants is the right place for you, where we have put together highly comprehensive packages at minimal costs.
If you would like more information regarding this, get in touch with us on 0113 436 0002 or use the form below.