Every limited company is legally required to provide a registered office address during the company formation process. It serves as the official contact address of a limited company or LLP, so it must be maintained at all times. A registered office can be any type of address, whether residential or business, as long as it meets the following criteria:…
The account title of a limited company bank account must be the official name of the company that is registered at Companies House. If you change your company name and it has been approved by Companies House, you must update all business bank accounts and finance agreements with the new name. To change the account title…
A private limited company can be limited by shares or limited by guarantee. Shareholders are the beneficial owners of companies limited by shares. This type of company is usually set up with a view to making a profit to distribute to shareholders in relation to their shareholdings. Guarantors, on the other hand, are the owners…
If you decide to close a company, there are a number of requirements the company must satisfy. The dissolution process will depend on whether your business is solvent or insolvent, i.e. does it have enough money to pay its bills? If your company is able to pay its bills, it is solvent. You can apply to…
During the life of your company, you may have to hold general meetings and board meetings when important decisions need to be made by members and directors. At such times, certain rules and procedures must be followed to ensure the execution of these formal meetings complies with company law. Any resolutions (decisions) that are taken during…
You can move your entire business and operations from Scotland to England. You can run your company from anywhere in the world so you can move to another UK jurisdiction or overseas. However, you cannot change your company’s country of incorporation. If it’s registered in Scotland, it will always be a Scottish company, and your registered office…
A limited company shareholder is an owner of a company. A limited company director is appointed by shareholders to manage the business on their behalf. Although the roles are completely different and separate, one person can assume both positions. Alternatively, lots of different people can take on these roles. To set up a limited by shares company,…
In the context of limited company formation, a company is active as soon as it is incorporated. However, it is only considered ‘active’ for corporation tax purposes when it is carrying on any kind of trading activity, such as buying and selling goods or services, managing investments or receiving income of any kind, including bank…
Limited company shares can be transferred or sold just like any other form of property. The need to do so can arise for many reasons. For example: the retirement or death of a shareholder; recouping an investment; gifting shares to family members; raising additional capital; or bringing in a new business partner. A stock transfer…
When you form a company, HMRC will be notified shortly after by Companies House. They will then issue a unique tax reference (UTR) for your new company, so there is no need to apply for a UTR yourself. HMRC will enter your company’s details onto their database and send out a letter with your tax…
Directors are appointed by members (shareholders or guarantors) to lawfully manage the day-to-day business activities and finances of a limited company. Members also have the power to remove a director under certain provisions in the company’s articles of association, by ordinary resolution of the company’s members or by a disqualification order made from an authorised…
You can issue more shares in a company after it has been formed. You may wish to do this to raise additional capital, bring in a business partner or achieve some other kind of objective. There are a number of factors you will have to consider before allotting more shares in your company, namely: authorised…
