How to set up a limited Company?
If you have decided to go into business, you may decide that you need to set up a company. While setting up a company isn’t always necessary for every business venture, in certain cases it may be the best option. In England and Wales, the most common type of company is a private company limited by shares, although other options are available. Those options for setting up a company include a private company limited by guarantee, a private unlimited company and a public limited company. Setting up a company only requires one or two individuals to be involved, depending on the type of company.
Companies House, which registers all companies in England and Wales requires only a few forms to begin, such as a memorandum of association, an articles of association and a few other documents. Please keep in mind that setting up a company brings on additional responsibilities that running a business alone don’t necessarily require. So you should be certain that setting up a company is the best option for proceeding in business.
With references to your business, is a company the best route? There are other options for your business, besides a company. These options include limited company, sole trader, partnership, LLP and self employed status. So just because you have decided to go into business doesn’t mean that you necessarily need a business company. Making your business a company can help protect from litigation but so can a LLP. In order to determine that your business should be a company, you should speak to a qualified accountant or solicitor. Their business is companies and they will know the proper choice for you, whether it be setting up a business company or some other option.
Once you have decided that setting up a company is indeed the best route, you may opt to hire company services that will enable the easy formation of companies, rather than doing it yourself. These company services will save you time, and possibly money. The company services will eliminate the need to do research on company formation as they have reduced the entire process to a formula. Because these company services can offer off-the-shelf company formation, there is little need for forethought or spending time and effort reading through and filling out various sorts of paperwork. Obviously, company services do cost some money but hiring them will probably save a lot of time and headaches so the trade off of utilising a company service is probably worth the cost. Be certain to find a qualified set of company services as some of them are sub-par while others overcharge.
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