The first directors of a limited company are appointed by members (shareholders or guarantors) during the incorporation process. After company formation, members can appoint a director at any time, either to replace or support the current director(s). Private limited companies must have at least one natural (human) director at all times, but there is no…
A director is someone who manages the day-to-day aspects of running of a limited company, which includes all operational, financial, and statutory administrative duties. Along with company secretaries, limited company directors are referred to as company ‘officers. Directors are appointed by the shareholders or guarantors (members) who own the company. In many cases, particularly small…
The requirement to keep a register of people with significant control (PSC register) came into effect on 6th April 2016. Under the regime, UK private companies and LLPs must create and maintain an up-to-date register with details of the individuals who have significant control or influence over the business. What is the PSC register? The…
On 30th June 2016, the annual return was replaced with a new filing requirement called the ‘Confirmation Statement’. Despite the different name, the Confirmation Statement is essentially a simplified version of the annual return. You only need to file it once a year and there is no change to the filing fee or deadline. What…
Our business startup checklist covers 22 planning essentials that you may have to address when setting up a new business, whether in the form of a limited company, Limited Liability Partnership (LLP), or sole trader structure. Whilst some of the points on our checklist may not apply to you at the moment, it’s worthwhile considering…
A limited company is a type of business structure that has been incorporated at Companies House as a legal ‘person’. It is completely separate from its owners, it can enter into contracts in its own name, and it is responsible for its own actions, finances, and liabilities. The owners of a company are protected by…
A corporate shareholder is a business entity that owns shares in another limited company. The term ‘corporate shareholder’ may refer to another limited company, a group of companies, a general partnership or limited liability partnership, a non-profit organisation or charity, a trust, or a community interest company (CIC). Essentially, any non-human legal entity that is…
Almost all private limited companies in the UK are required to include the word ‘Limited’ (or ‘Ltd’) at the end of their name when they are incorporated at Companies House. Welsh companies (i.e. those with a registered office situated in Wales) can use ‘Cyfyngedig’ (or ‘Cyf’) instead. However, some companies are exempt if they can…
A service address is the official contact address of a limited company director, company secretary, subscriber, an LLP member, and any individual or corporate body registered as a Person with Significant Control (‘PSC’) of a company. Companies House, HMRC, and other government agencies will send statutory mail to these individuals at their nominated service address.…
Limited by guarantee companies are an alternative type of business structure that are normally used by non-profit organisations. They don’t have share capital or shareholders. Instead, they are owned by one or more ‘guarantors’, each of whom guarantees a fixed sum of money to the business in the event of insolvency. Typically, guarantors do not take…
Limited companies must provide between one and four SIC codes to Companies House to specify what kinds of business activities they carry out. You can change a SIC code with relative ease whenever the need arises, whether that’s because you’ve provided the wrong code(s) or your company’s activities have changed or diversified since incorporation. What…
You can change a company name at any time after incorporation, as long as it adheres to all company name rules and regulations. Depending on the provisions outlined in the company’s articles of association, the change of name can be authorised in one of two ways: by special resolution of the members, or by resolution…
