The formation process and how Legal Services for Business can help
When the decision is taken to form a limited company or a limited liability partnership, the founders are likely to be keen to get things moving as swiftly as possible, as the identity of the company will be needed to open a bank account, register for VAT, register a domain name and so on, all in the name of the new company.
You’ll need to make a number of decisions up-front to facilitate the company formation process.
These are: Company name: Being a legal entity, company names have to be unique within their jurisdiction. Once you have decided on a company name for your business I am able to confirm that it is available to be incorporated.
Directors & share allocation: You will need to decide who is to be a director and who is to hold shares as this has a fundamental impact on relative ownership and the company’s decision making process. The director and the shareholder can be the same person so long as there is at least one ‘natural person’ (an actual individual as opposed to an entity such as another limited (parent) company).
Company Secretary: There is no longer any requirement to appoint a company secretary although you still can if you choose to. You may wish to do this if you feel your organisation needs a formal record keeper, though the responsibility for filing annual returns, accounts and other statutory documentation ultimately continues to rest with the directors.
Company Location: You will need to decide on the location of the registered office of the company which will be where the majority of official correspondence is sent. This can be a commercial or residential address.
Personal identification: The online formation service I use requires three items of personal identification (from a range of seven) to be given by the proposed director (or directors). This director is then treated as the signatory by Companies House and this removes the need to submit paper forms saving time and money.
Certificate of Incorporation & Articles: Once the formation information has been accepted by Companies House, I will forward a copy of the Certificate of Incorporation and Memorandum & Articles of Association to you by e-mail. Within 2 or 3 days, I will receive the original Certificate of Incorporation and bound copies of the Memorandum & Articles of Association by post.
Fees: Legal Services for Business provides the online company formation service for a fixed fee of £170. This includes a set of Statutory Books which will be written up showing the details of incorporation before being sent to you. If you would also like to prepare first board minutes to, for example, appoint bankers, appoint auditors, change the accounting reference date and so on, I can prepare these for an additional fixed fee of £170.
Business operating structure: Subject to your requirements, I can then advise you on setting up the business, drafting a Shareholders’ Agreement, allotting further shares, putting any directors’ services agreements or other employment contracts in place, preparing business terms & conditions and generally advising on all corporate and commercial matters relating to your business going forward.
If you would like to discuss your company formation requirements with Legal Services for Business then please call me on the telephone numbers provided, or click on the link below to contact me by email to arrange a free 1 hour legal consultation. This can be face to face if geography permits or over the telephone. Legal Services for Business is based between Farnham and Fleet and can offer legal advice across Surrey, Hampshire, Berkshire and London.