If you’re 100% set on running a limited company, the first step is pretty obvious and straightforward. Ensure your business is registered with Companies House and you’re officially registered as the Director as, without these legalities, your company won’t technically exist and you’ll have no official ownership over it.
When creating your limited company, we’re here every step of the way to keep things easy and simple. For a small cost, we’ll save you the trouble and sort everything out on your behalf.
On selected Global packages your Company Formation is included in the monthly fee.
Here’s what Global Accountancy and Taxation can offer to make the whole experience easier:
- Certificate of Incorporation – official confirmation that your company’s been properly set up
- Articles of Association – the specific terms and conditions of your company’s operation
- Combined Register – A list of all involved in operating the company, and relevant details of any other company interests such as shares
- Share Certificate – how much shares are worth and exactly how they’re given
- Memorandum of Association – declaring exactly what you company is responsible for and how it should undertake these responsibilities
Important things to know straight away
As the director of a limited company, it’s important to understand the responsibilities that will fall upon your shoulders. To keep full control of everything that goes on within the company, it’s vital to put yourself in the director position.
In this role, you’re accountable for managing the company within the guidelines specified in the Articles of Association and the eyes of the law.
What are shareholders?
If you’re the sole shareholder within the company, this won’t really apply. But, if you’re planning on incorporating more shareholders into the company its vital to understand the role they will play.
Shareholders are defined as the owners of the company and, because of this, they have specific rights. They’re able to sanction certain changes if necessary so it’s essential you’re 100% happy with who you’ve allowed to invest in your business.
In simple terms, a limited company is run by its directors and owned by the shareholders. Of course, you can be both a shareholder and director if running things on your own but for the sake of company growth it’s important to understand the concept of other shareholders.
Is a company secretary necessary?
No, as having a company secretary is no longer a legal requirement! If you choose to use our bespoke system, we will help with all secretarial duties.
What do I need to officially get started?
Before your company can get off the ground, here are some essentials you must make sure you have.
- A registered address for your company – this doesn’t necessarily have to be where you work from, but will be where all legal correspondence documents from Companies House and HMRC will be sent
- Any shareholders and directors you want to include
- Your Articles of Association and a Shareholder Agreement if applicable