Company Formation

So you have the basic premise for a new company, what next? A good product is an essential starting point but there are several factors to consider. As the adage states, failing to prepare is preparing to fail.

At a company’s general meeting, which shareholders attend to discuss matters relating to the company, any decisions made by the members are ratified by means of a company resolution.

For many years most UK companies were incorporated in 2-3 working hours. However, in recent months we have seen this increase to approximately 8 working hours. Same day company formations are now even more useful.

The availability of credit may be a decisive aspect when considering the sustainability of a company and the potential for growth.

UK Limited Companies must have at least one company director. There are rules on who can and cannot be appointed as a director.

UK companies can change or amend the articles of association at any time during the life of the company. These changes must be filed at Companies House.

Shares in UK Limited companies can be transferred from one person to another. You need to complete a stock transfer form and both parties need to sign the document.

You can remove a director's personal address from the records at Companies House. Keep your home address private by using an address service.

VAT registration does not form part of the incorporation process. You only need to register if your turnover reaches the relevant threshold.

The creation of LLPs introduced the concept of protected liability for the partners, not previously offered to partnerships.