How to register a limited company
When you’re launching your company, you want to make sure that everything is prepared thoroughly so that you can get to work on what you are really passionate about. After all, that’s the reason you got into the business, but the administrative work needs doing too. This includes registering your limited company. Read on to learn more about how to register a limited company in several simple steps, and why they are key.
1. Make sure setting up a company is right
There is a wide range of different definitions of business that could suit you, and a limited company is just one. Make sure that your work doesn’t better fit the definition of being self-employed or part of a business partnership. You could avoid unnecessary paperwork, or even fines if you register wrong.
2. Decide on a name
This is one of the most creative parts of the process, in which you decide on a name for your limited company. Pick a good name and stick to it for the full benefits of effective branding.
3. Choose directors and a secretary
Businesses have a legally recognised secretary and a selection of directors. Whilst a secretary is not a legal necessity, having one helps. These individuals are responsible for the actions of the company and liable in the event that the organisation breaches rules and regulations.
4. Pick shareholders and people with significant control over the company
People of significant control are those with voting rights on the board of directors or anyone with over 25% of the shares of the business. This is a part of deciding who the shareholders are, and who controls what proportion of the business.
5. Write a constitution
A constitution is a set of rules that determine how the internal governance of your company works. Many organisations have a constitution, more formally called a “Memorandum of Association” and “Articles of Association”. Put effort into these, as they determine the structure of your company.
6. Register your company
Once all of this is complete, you can register your company. Registering at an address and with a SIC code is the final stage in registering your company, and after this, you can get on with business. If you need help in the business registering process, get in touch with the Taxcare Accountancy team today. We can guide you through the process and get your limited company registered in no time, while also helping you with your year-end accounts and corporation tax. Get in touch at info@taxcareaccountancy.co.uk today for more details.
