Name
These are some of the advantages of using a UK Limited Company:
Tax planning, for directors holding shares, in the following areas:
IGP Corporate Ltd. deals primarily in one type of company - The Private Company Limited by Shares. This is the most popular type of incorporated business due to its limited liabilitystatus.
A Private Company Limited by Shares has the following features:
There are three other types of company. These companies are best described in comparison to a Private Company Limited by Shares:
Type of Company |
Shares Issued |
Is liability limited? |
Comments |
Advantages over a Private Company Limited by Shares |
| Private Company Limited by Shares | YES | YES | Most popular type of company | N/A |
| Company Limited by Guarantee | NO | YES - By guarantee | Not very popular; variation on shares only. | None |
| Unlimited Company | NO | NO | Not popular; unlimited liability equals, in effect, partnership. | Do not need an audit; less stringent rules on disclosure since creditors have comfort of Unlimited Liability |
| Public Limited Company | YES | YES | The Big Brother to a Private Company Limited by Shares | Can offer shares to general public; yet more stringent disclosure rules |
Name
Company names must end with the word 'Limited'. Certain names may be unavailable since they are already in use. On choosing a new name Companies House should be contacted to check on availability. This saves time later if the name is rejected. Care must be taken not to choose a name too similar to a company already trading. The company may take a "passing off" action against you.
For instance a new airline trading under the name 'British Airways Tours' may face action from British Airways. Certain names may need approval if they are too closely connected with Public Bodies.
To check on availability call or write to:
Crown Way Maindy Cardiff CF4 3UZ Tel 01222 388588 |
Two(director
& company secretary) or more people are required:
Director
Directors are responsible for the running and administration of the company. The directors' powers are governed by the articles of association Anyone can be a director as long as they are not: An undischarged bankrupt Have not been disqualified by a court from holding a directorship.
Company Secretary
The Company Secretary is responsible for complying with the necessary laws for running a company ie disclosure rules. As with a director anyone can be a company secretary as long as they are not: An undischarged bankrupt Have not been disqualified by a court from holding such a position
Share Capital
The total value of the share capital authorisedmust be decided upon and the value of one share
Registered
Office
This is the legal jurisdiction that the company falls into. For a UK company it would simply be 'England and Wales'. After a company is formed this cannot be changed without an Act of Parliament, so it is very permanent!
Registered
Office Address
This is the address that all the statutory documents pertaining to the company e.g. register of members, memorandum etc.. are kept.
You supply all the necessary documents to Companies House for forming the company.
Advantages
Disadvantages
A company formation agent (such as IGP Corporate Ltd.) will take details from you about your company e.g. name; number of shares. The agent will then fill in the required forms and submit them to Companies House.
Advantages
Disadvantages
This is a company that has already been formed. The company can be purchased and used immediately by the purchaser.
Advantages
Disadvantages
The following must be submitted to Companies House:
N.B. This is for a Private Company Limited by Shares; subtle variations exist for the other types of company.
The Articles layout the rules of the company i.e. how it will conduct itself and resolve disputes. The Articles must contain the following for submission to Companies House:
If a set of Articles is not submitted then Companies House will assume by default that Table Awill apply to the company.
To see a copy of Table A click below:
This is often said to be the passport of the company. It contains information much like a passport: name; nationality; address etc....../
A complete list of what it should contain is as follows:
| Name of Company | Must end with the word Limited |
| Location of registered office | This is the geographical location and would be in England or Wales |
| Objects of the company | |
| Liability of members | For a Private Limited Company this would simply be stated as Limited |
| Witnessed signatures of original subscribers | |
| Share capital registered on incorporation | How many shares in total were issued ie 100 shares of £1 |
| Number of shares taken up by subscribers | The number of shares that were issued to the subscribers listed |
This is often said to be the passport of the company. It contains information much like a passport: name; nationality; address etc......
A complete list of what it should contain is as follows:
Form 10 must be completed by the would-be director(s)and company secretary of the company. It requires the following:
(This must be the physical location and not a PO Box number)
This should be made payable to Companies House
After incorporation you will receive the following document from Companies House:
If you are using a Company Formation Agent you will also receive:
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The following information must be displayed:
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Companies House Crown Way Maindy Cardiff, CF4 3UZ Tel 01222 388588 or 01222 380801 | |||
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The London Search Rooms Companies House 55-71 City Road London EC1Y 1BB Tel 0171 253 9393 | |||