A limited company is a separate entity in the eyes of the law, just like an individual person. This means that you cannot simply take money out of a limited company account like it was your own personal bank account. All finances legally belong to your company in the first instance, so you must follow certain…
The memorandum and articles of association are two constitutional documents that all limited companies are required to have when they incorporate at Companies House. The memorandum states the names of each subscriber (the very first shareholders or guarantors who become members during the company formation process) and their intention to form and join the business.…
A limited liability partnership is designed for businesses that usually operate as a traditional partnership. This tends to be accountancy firms, solicitors, dentists, veterinary practices, architects, chartered surveyors, medical practitioners and other professional services firms. Since the introduction of the limited liability partnership format in 2001, these types of businesses are able to operate as LLPs and…
Limited companies and LLPs share many similarities, most notably the reduced financial responsibility of the owners. However, they do have significant differences as well, namely: Capital investment opportunities. Flexibility of internal structure and members’ rights. The allocation and taxation of business profits. Choosing the most appropriate legal structure will depend entirely upon the kind of…
Reporting changes to Companies House and/or HMRC is a legal requirement. There are many instances when you will have to update your company details and report changes, most of which can be carried out free of charge online. What changes do I need to report? Some of the most common changes you have to report to Companies House…
Companies House informs HMRC when a new company is registered, so there is no need for you to contact them yourself. Shortly after company formation, HMRC will post a letter to your registered office address with your company’s Unique Taxpayer Reference (UTR) and form CT41G (Corporation Tax – Information for New Companies). The UTR is…
It is a simple and affordable procedure to form a private limited company in the United Kingdom, even if you are a non-UK resident. The application process and legal requirements are exactly the same for everyone, regardless of where they live. You will have to register your company with Companies House in England and Wales, Scotland or Northern…
The cost to set up a limited company depends entirely upon the way you chose to incorporate with Companies House. There are many options available to you but the most convenient and popular way to form a limited company is through an authorised company formation agent like Rapid Formations. Using an agent is also the quickest…
The Companies House WebCHeck service offers a free search facility of company information. Users of WebCHeck can search for company information by company name or by company registration number. In addition to this search facility, Companies House WebCHeck also offers access to company filing histories. Copies of company documents and reports can be accessed and purchased online…
If you lose the certificate of incorporation for your limited company or Limited Liability Partnership (LLP), don’t worry too much. It’s quite easy to get a replacement and, depending on how you formed your company, you may have a number of options. 1. Check with your formation agent If you formed your company through an…
A Certificate of Good Standing is a document you can request from Companies House to confirm that your limited company has been in continuous existence since the date of company formation, that it has, up to that point, adhered to all statutory filing requirements and paid all necessary fees and charges, and that no action…
There is no legal requirement to open and operate a business bank account for a limited company. However, you will find it very difficult to trade and manage your business successfully without one. A separate account will allow you to effectively record and trace all business income and expenditure. If you use a personal account for…
