Limited company formation UK18 December 2019
There are many benefits of a limited company these are just a few that you might consider before forming a new company. A limited company can be formed very easily as long as some basic requirements are met. Our most economic formation package starts from as little as £16.99 + VAT. A private company limited by shares, usually known as a private company (Ltd) may be a type of company incorporated under the laws of England and Wales, Scotland, that of certain Commonwealth countries and the Republic of Ireland. It has shareholders with limited liability and its shares might not be offered to the general public, not like those of a public limited company (plc).
A company incorporated in England and Wales may be created with any number of shares of any value, in any currency. As an example, there could also be 10,000 shares with a face value of 1p, or 100 shares every of £1. In each case the share capital would be £100. Unissued shares can be issued at any time by the directors subject to prior authorization by the shareholders. Shares in a private company are usually transferred by private agreement between the seller and also the buyer, as shares in a private company might not by law be offered to the general public. A stock transfer form is needed to register the transfer with the company. The articles of association of private companies usually place restrictions on the transfer of shares.
Every company should have a registered office address, which does not need to be its usual business address. It’s generally the company's lawyers or accountants, for example. All official letters and documentation from the govt. departments (including Inland Revenue and companies House) are going to be sent to the current address, and it should be shown on all official company documentation. The registered office may be anyplace in England and Wales. If an organization changes its registered office address after incorporation, the new address should be notified to companies House.
The shareholders are the sole owners of limited companies. There’s not a necessity by law to have a company secretary however instead can function just one director and shareholder.
People with significant Control:
It is necessary for all UK companies to mandatory keep a correct record of PSC Register and it's bound to be included in annual confirmation statement which has replaced Annual return concept on June 30, 2016.