If you want to set up a limited company right away, simply call us to register fully. The term ‘limited’ derives from the fact that the company’s finances are distinct from the personal finances of their owners (unlike the sole trader arrangement).
Shareholders in limited liability companies are not responsible for company debts, although if required, directors may be required to guarantee loans or credit granted to the company. The higher level requirements for limited liability companies are as follows:
- Company must be registered at Companies House.
- Annual accounts must be filed at Companies House.
- Annual Return must be completed each year to update Companies House with basic details relating to the company. Also requires a small annual fee.
- HMRC must be informed if the Company has any profits or taxable income in a Company year.
- Company must complete an annual HMRC corporation tax return and pay the due taxes within nine months of the company year end each year.
- Anyone employed by the company must pay income tax and national insurance on their income.
Setting up a Limited Company – The Incorporation Process
Companies House is responsible for company registration in Great Britain. It also has a key role in providing information about British companies. Before a business can set up as a limited company, it must be registered with Companies House. We will assist you in completing all the necessary documents and returning them to Companies House. These are:
- Memorandum of Association – Includes Company Name, Location and Type of Business
- Articles of Association – Outlines Directors’ powers, shareholder rights, etc.
- Form IN01 – Contains details of the Company’s registered office, the details of the consenting Secretary and Director(s), details of the subscribers and, in the case of a company limited by shares, details of the share capital. This form replaced the old Form 10 and Form 12 from 1st October 2009.
FWD will provide you with detailed guidance which describe all aspects and requirements of the registration process, including what you can call your limited company, and the payment and documentation required to complete the registration process.
Please contact us if you would like help you start a Limited company.