Company formations services
Forming a company means filling in a number of forms, registering with Companies House, setting up records from scratch and a variety of other small tasks. Neglect even one, and you might find that you are not fully complying with regulations.
With just a few basic details from you, we’re able to handle the incorporation process from start to finish.
The type of company that will work for you
When you decide to incorporate, you’ll also have to consider the company structure that will work best for you. We’re here to offer you guidance on which option may benefit you the most.
You may decide not to incorporate at all, meaning all of the business decisions and responsibilities rest on your shoulders. As a sole trader, you may be free to run things how you see fit (not to mention a lighter load of paperwork), but you’ll also be financially liable for any losses your business may make.
Some business owners decide to enter into a partnership, either with a person or a limited company. Whoever you work with, you’ll share the financial responsibility for your business, whether you make a profit or loss.
Limited liability partnership
A limited liability partnership will involve you incorporating alongside a fellow partner or company. While you will have the same access to the profits as you would with a regular partnership, you won’t be fully liable for any debts the business can’t pay.
Registering as a limited company with Companies House will separate you as a legal entity from your business. You’ll have reporting obligations to both Companies House and HMRC (in the form of a corporation tax return) and any potential shareholders and directors you work with.
Naming and registering your company
Your company’s new name
Before you decide on a name for your company, there are some rules to follow set out by Companies House you need to be aware of.
Firstly, you cannot have a name that’s a minor variation of an existing company. For example (as per HMRC’s website), ‘Hands UK Ltd’ and ‘Hand’s Ltd’ are the same as ‘Hands Ltd’.
In most cases, your name must also include Ltd or Limited, unless you’re based in Wales when it’ll be ‘cyfyngedig’ or ‘cyf’.
Your name cannot be offensive in any way or give the impression that you’re part of a Government department.
Lastly, your name must make sense to your business, otherwise, you may confuse your target audience.
Registered office address
When you set up your company, you must provide a registered office address for all of your official post. This address must be in the UK or the same country where your company is registered.
If you want to keep your company’s address private. In that case, you can provide a different address, like the one of the person who’ll be managing your corporation tax (with their permission, of course) or the address of your appointed agent.
Setting up a business bank account
Now that you’ve sorted your name and address, it’ll be time to start thinking about your business bank account. If you run a limited company, it’ll be a legal requirement for you to have a separate bank account so you can make a clear distinction between your business’s financial activity and your own.
If you decide to work as a sole trader, you can easily just use one bank account, but we recommend you consider opening a second so you can keep track of your separate transactions.
Ongoing business support
Once your company is up and running, we won’t leave you alone to handle things. We provide our clients with ongoing support, such as company secretarial services. We’ll be with you every step of the way.
Let’s get your company going
Now that you have the knowledge, it’s time to put your plans into action. We’ll be on hand to help you build your company from the ground up and beyond.
Get in touch with our team to discuss your company formation.
Talk to someone on our team now
If you want to find out more about our experience, or explore what we can do for your business, get in touch and we’ll schedule an informal conversation.
“CMR Surgical appointed Business Partners as the right partner for the start-up to early growth stage in our journey. Rob, Sam and the team were able to take on everything we couldn’t including systems implementation, management, statutory accounts and payroll. I found the team always very responsive and proactive – looking forwards to working with them again.”
Martin Frost | co-founder and former CEO, CMR Surgical
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