Aside from the sole trader route, the limited liability company is the most popular business structure in the UK.
With a limited company, the liability of company directors is ‘limited’ in that the company’s finances are separate from the personal finances of the business owner. This is not the case for those who run their business as a sole trader (self employed).
Limited company shareholders are not responsible for any debts run up by the business, although banks may ask company directors to provide loan guarantees for commercial loans or credit taken out in the company’s name. (more…)
If you are setting up a limited company, you should think carefully when choosing your company name. Alongside the business reasons for choosing an appropriate name, there are also a number of company naming rules you should be aware of.
If you breach certain naming rules, Companies House will simply reject your company formation application.
If you have set up in business via a limited company, there are a number of duties you will have – as well as legal and financial responsibilities – if you are a director of the company.
This article provides an overview of what to expect as a limited company director.
Since 6th April 2016, nearly all UK companies have been required to maintain a register of Persons with Significant Control (also known as a “PSC register”).
The PSC register obligations were introduced as part of the Small Business Enterprise and Employment Act 2015. The government’s intention was to enhance corporate transparency where complicated ownership structures can sometimes make it difficult to tell who owns and controls companies.
However, even small limited companies with very simple structures are required to maintain a PSC register. And, from 30th June 2016, companies need to file this information with Companies House as part of the new Confirmation Statement (which replaces the Annual Return from this date).
This guide explains to small business owners what a Person with Significant Control is, how to produce a PSC register and what companies need to do to stay on the right side of the law.
All UK limited companies, large and small, have been required to file an Annual Return (AR01) with Companies House at a set point each year.
From 30th June 2016, as part of the Small Business Enterprise and Employment Act 2015, the Annual Return is replaced with a new document called a ‘Confirmation Statement’.
Like its predecessor the Annual Return, the Confirmation Statement is a snapshot of information about a company which must be provided once per year. Most of the information provided is placed on the public record by Companies House.
Here’s everything that limited company directors need to know about the new Confirmation Statement; (more…)
If you are considering setting up your own limited company, the prospect of ‘dealing with the authorities’ may seem daunting. In reality, the company formation process is very simple – whether you apply yourself, or use a registration agent to set up the company on your behalf.
Every limited company must submit their accounts to Companies House each financial year. In this article, we look at how you work out the deadline for your first annual accounts.
If you are a limited company director, one of your legal obligations is to ensure that your company’s annual accounts are submitted to Companies House accurately and on time.
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.
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.
When setting up and running a company, you will have regular involvement with Companies House. In this article, we look at the main functions of Companies House and what obligations limited companies have.
The role of limited company secretary is essentially an administrative one, but can involve a number of important responsibilities depending on the wishes of the company’s directors.
When you set up a limited company, as company director, you will have certain statutory and legal responsibilities which you should be aware of.
When setting up or running a UK company, the company directors and/or the company secretary (if appointed) are responsible for sending information to Companies House to ensure that the Registry is up-to-date. This may include changes in company details, or the submission of accounts.