It is now extremely easy to register a company as the days when you had to file paper forms and wait for several weeks for an approval are gone. Some people who look forward to start off a company will discuss things with a solicitor or an accountant to handle the formalities but with time, there are increasingly large numbers of people who opt for company formation by registering it themselves.
The concerns of this article will deal with the step-by-step process of the way in which you should register a company. In case you want to set up a new business, you will have to join more than 500,000 people a year who are also bent on turning their dreams of being an entrepreneur into reality. Here are the steps that you should take:
#1: Decide whether it’s a limited liability company
This may seem obvious but before you take any further step, you would have to give a second thought whether a limited liability company is the best option for you. If there is a private limited company, this has got several advantages over the other forms. The owner will possess majority of the legal right of the individual and offer enough protection to the shareholders from the business liabilities. However, you also need to maintain records of the company and file accounts with Companies House or HMRC.
#2: Choose a worthy name of your company
It is only by choosing a great company name that you can build a business asset but this is something too many people are confused about. There are several rules which govern the idea of the name that can be chosen while registering a company. The most vital among them is that this form of company is different from one which still exists. You can search online about how you should choose a worthy company name and what it takes to register the company.
#3: Gather the details to set up a company
There are several information details which you need to gather in order to register a new firm. Here is a quick checklist of the things that you need to do to set up a company:
- Decide the name of the company
- The registered office address in the UK to which Companies House will direct mails and which will appear on the company record
- What the company is planning to offer, at least a single SIC code which describes the predicted activities of the business
- Details of the share capital which is being created and one share will be issued at a time
- Initial details on shareholders, there should be one shareholder and he can be the same person as the director of the company
So, now that you know the ways in which you can register a company, you can take into consideration the above listed steps. Get help of a financial advisor or an accountant who can help you with the financial details.
