When you want to trade through a limited company and need help or guidance on the formation, you should keep few restrictions in mind. For example, you cannot form a company with the same name if there is already an active company on companies house register. Even names with only difference of singular and plural will be disallowed. Some names in it self will call for special approval and you would need to show either authority or relevant qualification. These are called sensitive words. For example Doctor, Architect, Health Department etc. If you need help with formation of a limited company with sensitive name contact our tax accountants for advice and quote.
There are four type of standard companies and some special companies depending on what you plan to do. Each type of company will have different charechteristics.
Standard companies include
- Public Limited Company (PLC)
- Private Company Limited By Guarantee
- Private Company Limited By Shares
- Private Unlimited Company
Special type of companies are
- Community Interest Company
- Industrial & Provident Society
- Royal Charter
In this blog we will concentrate on the most common type of company ‘Private Company Limited By Shares’. A limited company company by shares is required to have one director, one shareholder with a minimum of one share, a registered office and service address. For personal and owner managed business, director can use his home address as registered office address. Companies House filling fee is £15.00. If you are looking to start business and your business plan forecasts turnover more than £50,000 per annum, then its better to start with Limited Company. We offer free advice and Limited Company Formation to our clients. Though because of money laundering we are unable to provide registered address facility but can direct you to our affiliate company, where registered office address can cost you from £30.00 to £200.00 per year (depending on what address you choose. As tax accountants we will register your company for payroll, corporation tax and VAT if necessary. If you are in construction business and need CIS registration we can also help you filling application to HMRC. Our slogan is to help clients with company formation and related tax registration with minimal disruption. We look forward to speak to you about your business.