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 whole share must be issued during the company formation process. If you are registering a company with more than one shareholder (member), you must issue at least one whole share to each…
There is no longer a legal requirement for limited companies to appoint a company secretary, unless their articles of association states otherwise. If you registered a private company before April 6th 2008, your articles will contain this provision. However, the members (shareholders or guarantors) can remove it at any time by passing a special resolution. If you do…
Shortly after your new company registration has been approved by Companies House, you should hold a board meeting of the directors. The purpose of this meeting is to provide an opportunity for the directors to discuss the formalities of the new business, consult the articles of association, and determine their respective duties and responsibilities. You…
Limited company names are subject to certain restrictions and requirements under the Companies Act 2006 and the Company and Business Names (Miscellaneous Provisions) Regulations 2009. The secondary legislation that specifically governs the use of sensitive words and expressions is the Company, Limited Liability Partnerships and Business Names (Sensitive Words and Expressions) Regulations 2014. These statutory regulations…
This aspect of limited company formation confuses a lot of people, so you’re not alone in wondering what the difference is between a service address and a registered office. These two addresses are completely different with separate purposes and requirements. A service address is also required by all company directors, subscribers, company secretaries, LLP members…
Limited companies are legally required to keep and maintain a number of statutory registers and accounting records. It is the responsibility of the director (and company secretary, if one is appointed) to make sure these registers and records are accurate, up-to-date and made available for public inspection at the company’s registered office address or Single…
A limited company is a separate entity in the eyes of the law, just like an individual person. This means that all finances legally belong to the business in the first instance, so you cannot simply take money out of a limited company like it is your own personal bank account. To legally take money…
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 Limited Liability Partnerships (LLPs) share many characteristics. They must be incorporated (registered) at Companies House, they provide limited liability protection to their members (owners), and they have more complex filing and reporting requirements than unincorporated businesses like sole traders and traditional partnership. However, there are significant differences to take into consideration when…
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…
