Limited Companies: The Basics - Company Formation - UK Registration Services

Introduction - Limited companies

At the present time all UK private limited companies must be formed with a minimum of one director and secretary. Public limited companies require a minimum of two directors and a qualified company secretary. In all cases the company directors must act in the best interests of the company as they exercise their stewardship over the businesses affairs.
 

UK limited companies

There are many differing objectives behind the reasons people form limited companies. Companies are still in the minority compared with other business types with unincorporated businesses making up the largest slice of entity. Some common reasons for company formation are: taxation benefits, limited liability, prestige and so on.

What separates limited companies from other business entities is threat in law, the company is seen as a "person" in its own right, that is, distinct and separate from the people who own it.
 

Limited liability

Limited liability essentially separates the assets and debts of the company from the assets and debts of the shareholders of the company. Thus if the company can not meet its financial obligations, the creditors have (in theory) no recourse against either the shareholders or the company officers.
 

Forming a limited company

Forming a company can be a very simple process. The use of electronic company formation results in most companies being incorporated within three hours. The advice from an accountant or other expert may be of help as there are many consequences to having a company. Whilst none of these consequences need be onerous, you should at least be aware of them. Company Formations and Company Names.

Dissolving a company

The company can be liquidated or struck off the Companies House register. Companies Made Simple offer this service.
Liquidation and Insolvency expend on this area.

1. Forming A Company Just Became Easier

2. Statutory Requirements For New Companies

• Issue and Allotment of Shares
• Transfer of Shares
• Dividends
• Company Meetings
• Company Notices
• Directors Meetings
• Single Member Companies

3. Non Profit Organisations

• Options for incorporated not-for-profit organisations
• Companies House Coding System
• Non s30 companies
• Royal Charter
• Charitable Companies

4. Company Directors and Secretaries

• An introduction to limited companies
• Role and duties of a company director
• Role and duties of a company secretary
• What you have to send to Companies House
• Quality of company documents
• Further information

5. Annual Returns

• Completing an annual return
• Completing the shuttle annual return Form 363s

6. Accounts and Accounting Reference Dates

• Accounting reference dates
• Submitting accounts to Companies House
• What if the accounts are delivered late?
• Small and medium sized companies accounts submission
• Very small company audit exemptions
• Audit exemptions and accounts to shareholders
• Exemption from audits for dormant companies
• What happens if my company starts trading again?
• Partnership accounts

7. Company Auditors

• Appointment of auditors
• Dormant company audit exemption
• What and who are recognised supervisory bodies?
• Removal of auditors

8. Share Capital and Prospectuses

• Share capital
• What is issued capital?
• Non-cash payments?
• Are there different types of shares?
• Can class rights be amended?
• Redemption and purchase of own shares?
• Prospectuses and listing particulars

9. Late Filing Penalties

• Late filing penalties
• Late filing penalties need not be necessary
• Once a late filing penalty has been imposed
• Further information

10. The Costs and Benefits of Company Registration

• Company Formation Introduction
• Costs and benefits of limited liability
• Restrictions and costs of setting up a company I
• Restrictions and costs of setting up a company II
• Restrictions and costs of setting up a company III
• Restrictions and costs of setting up a company IV
• The registration of company names
• The company’s constitution and the ultra vires rule
• Summary and conclusions