Contractors, freelancers, and consultants are self-employed individuals who work alone or as part of other businesses. These terms cause a great deal of confusion because they are often used interchangeably when discussing self-employment. However, there are significant differences between the three, which we discuss below. Generally, the role of a consultant is to advise or…
A limited company is one of the most popular legal structures for all types and sizes of businesses in the UK. This is due to the many professional and financial benefits it offers, all of which far surpass those available to sole traders or contractors working through an umbrella company. To enable you to make…
There is no legal requirement to take out any kind of business insurance when you set up a UK limited company. However, you must be adequately insured if you employ people other than yourself and family members, you own commercial premises, operate company vehicles, are part of a recognised profession, your business activities present a…
The vast majority of first-time entrepreneurs underestimate the unyielding power of branding. They do so at their own peril. Branding cannot be treated in the same way as marketing or advertising. But what exactly is branding and why is it so important? According to the American Marketing Association (AMA), a brand can be defined as…
Choosing a company name is an exciting part of the company formation process, but there are several important rules and restrictions to bear in mind. Below, we outline the legal requirements and restrictions that affect your choice of company name, which are set out in the following legislation: Companies Act 2006 Company, Limited Liability Partnership…
Section 97 through 101 of the Companies Act 2006 allows for companies to change their legal status from a UK public limited company (PLC) to a private limited company (LTD) in one of three ways: Passing a special resolution of the shareholders Obtaining a court order to reduce the capital of your company Or following…
Non-UK residents from outside the European Economic Area (EEA) and Switzerland can apply for a Business Visitor visa if they need to visit the UK for a short period of time for any business-related activities. EEA and Swiss nationals do not need a UK visa. The need for a visa will apply if you have…
Private limited companies are required to pay Corporation Tax on all forms of taxable income. To do so, a company must be registered with HMRC as ‘active’ for Corporation Tax purposes. This must be done no later than 3 months after carrying on any type of business activity, which includes: Buying and selling goods and services Renting…
One of the responsibilities of directors is to update shareholder information at Companies House when any such details change after incorporation. This information is displayed on public record, so it must be accurate and up to date to comply with the disclosure requirements outlined in the Companies Act 2006. Companies House discloses the names and…
You have lots of different options regarding how many shares you can issue when setting up a limited company. A minimum of one share must be issued during the company formation process. If you are registering a company with more than one shareholder (member), you will need to issue at least one shares per member.…
Private limited companies are no longer required to appoint a company secretary, unless a provision in the articles of association states otherwise. The articles of private companies registered before April 6th 2008 contain such a provision. However, members (shareholders/guarantors) can remove it at any time by passing a special resolution. If you do not remove…
Shortly after setting up a limited company, it is advisable to arrange a board meeting of the directors. The purpose of this meeting is to provide directors with an opportunity to discuss the formalities of the new business, consult the articles of association, and determine their respective duties and responsibilities. Pursuant to section. 248 of…
