If you form a new limited company, you should be aware of the legal requirements you have to meet as a limited company director, on behalf of the company.
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Limited company or sole trader?
Key Guides
- Limited CompanyHow the company formation process works, which forms to fill in, and what your obligations are as a director.
- Limited Liability Partnership (LLP)Guide to forming an LLP, which limits your personal liability compared to a standard partnership.
- Dormant Limited CompanyHow to register a company name for use later, or to make a limited company dormant.
- Companies HouseWhat is Companies House, and what role does it fulfil in overseeing the UK’s companies?
- Choose a business nameThings to bear in mind when naming your company, including legal limitations.
- Limited Company dividendsWhat are dividends, how to account for them, and how are they taxed. What records need to be kept.
- Company Director responsibilitiesWhat are your legal and statutory legal obligations as a limited company director.
- Limited company advantagesAn overview of the benefits to setting up a limited company, regarded as a tax efficent structure.
- Registered officeWhy every limited company needs one, and how to inform Companies House if you move!
- Companies House FormsWhat information has to be submitted to the authorities, and when?
- Limited Company ContractorsExpert advice for IT contractors considering incorporating.
Limited Company Guides
- Sole TraderSetting up as a sole trader (becoming self employed) is the hassle-free route to getting started in business.
- Sole Trader taxWhat taxes do you have to pay as a sole trader, and how register to pay income tax, VAT and NICs.
- PartnershipHow to start up in business as a partnership, for two or more people working together.
- Register as self employedThe steps you must take to ensure that you register your new business with HMRC.
- What is a sole trader?No-nonsense summary of what it means to go self employed.
- 5 things you must do when you go self-employedWhat you should do to register your new enterprise with HMRC, and safeguard your business.
- Partnership problemsThings to consider if you’re setting up a new business with a partner
Self Employed Guides
- Sole Trader, Limited Company, Partnership or LLP?A useful guide to the main business structures in the UK, written by legal specialists.
- Limited Company or Sole Trader?The pros and cons of setting up as a limited liability company, or as a sole trader.
- Stay self employed or go limited?The difference in tax, costs, paperwork, and your liability if it all goes wrong.
Which business structure is best for you?
If you want to set up a company, you can form it yourself via Companies House, use a formations agent, or an accountant will typically be more than happy to take care of the incorporation process on your behalf.
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If two or more people wish to go into business together, and don’t wish to set up a limited company, a partnership offers a simple way to get started; it is similar in many ways to going the sole trader route for an individual.
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A dormant company is one that doesn’t trade and has no accounting transactions. Small companies may choose to buy a dormant company to protect the name, or for other reasons.
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There are around 2.8 million sole traders in the UK. It is the most popular, and simplest, way of setting up in business. In this guide, we take a look at the key things you need to know about becoming a sole trader, and whether it is the right business structure for you.
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Each year, all UK registered companies are required by law to complete and submit an Annual Return to Companies House. This form provides a snapshot of relevant company information at the time of submission.
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Although the sole trader route is the most popular way of running a business in the UK, there are significant advantages of working via a limited company.
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As long as you comply with the relevant rules you can call your company whatever you like, provided that no one else is using the name already. However there are some restrictions that you need to comply with.
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Over 1.3 million businesses currently operate as private limited companies in the UK, compared to nearly 3 million sole traders, and around 450,000 partnerships.
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Incorporation is the process of creating a company structure – a new legal entity which is distinct from the individuals or shareholders who formed it.
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Board minutes are a vital part of a successful business. They ensure directors are upholding their duties and act as a reminder for decisions made during board meetings. As well as this, they can be important to provide information to directors who were unable to attend the meeting, new directors and, if need be, aid in cases of litigation.
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A company can have many classes of shares. These can be ordinary shares, preference shares and redeemable shares. The articles of association usually set out the rights of these shares while allowing the directors to issue shares with such rights and restrictions as determined by ordinary resolution.
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To form a limited company in the UK, you must complete Form IN01. In this article, we look at the information Form IN01 captures, and how this information is used by Companies House.
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When you set up a limited company, you need to provide Companies House with a registered office address. This must be a real physical address, where paperwork can be delivered, and not a PO box.
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One of the first, and most important decisions you make when you set up a new business is to decide what type of legal structure you should work under.
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An LLP shares many of the features of a partnership, but also offers its members limited liability from any financial problems the business may face in the future.
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Many businesses start out as owner managed operations with one person owning all of the shares as well as being the managing director. However, as businesses grow, they often want to bring in other people as shareholders; maybe in return for an investment or possibly to a manager that they want to incentivise.
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The Memorandum of Association is one of three documents needed to incorporate a new limited company, along with Form IN01 and the Articles of Association.
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One of the great advantages of trading through a company is to take advantage of limited liability. This means that, unless you have personally guaranteed a liability – for example to a bank or landlord – then as a director you are not responsible for the company’s debts if it goes bust.
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The Companies Act 2006 enacted a wide range of reforms to the way company law is governed. It set out the duties of company directors for the first time, and has simplified some elements of company incorporation process. In this summary, we look at the key elements of the Act from a company director’s point of view.
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