Start your business

Choose a unique company name and decide on the type, such as a Private Limited Company (Ltd) or Public Limited Company (PLC). Provide a registered office address within the UK and appoint at least one director. Decide on share allocation, identifying shareholders and the number of shares each will hold. Draft a Memorandum and Articles of Association detailing company governance and operations. Register the company with Companies House, ensuring you meet all statutory requirements and pay the associated fee. Always consult with a legal or business professional when establishing a company in the UK.

In the United Kingdom, several types of business entities can be established, each with its own legal structure and characteristics. Here are some of the main types:

1. Sole Trader: This is the simplest form of business where an individual runs and owns the business. The individual has unlimited liability, and the business isn’t a separate legal entity from its owner.

2. Partnership: This is a business run by two or more individuals. Partners share the business’s responsibilities, profits, and losses. Partners typically have unlimited liability for the business’s debts.

3. Limited Partnership (LP): Similar to a general partnership but with two types of partners: general partners with unlimited liability and involved in managing the business, and limited partners, who are only liable up to the amount they invest.

4. Limited Liability Partnership (LLP): Combines features of partnerships and limited companies. Members (partners) have limited liability and are not personally responsible for debts the business can’t pay.

5. Private Limited Company (Ltd): A popular choice for many businesses, this is a separate legal entity from its owners (shareholders). Shareholders’ liability is limited to the value of their shares. It cannot offer its shares to the general public.

6. Public Limited Company (PLC): Similar to a private limited company but can offer its shares to the public and might be listed on a stock exchange.

7. Guarantee Company: Often used for non-profits, clubs, or cooperatives. Instead of shareholders, it has guarantors who promise to pay a set amount of money towards company debts if it’s wound up.

8. Community Interest Company (CIC): A type of company designed for social enterprises that want to use their profits and assets for public good. It has features to ensure the assets are used for community benefits.

9. Unlimited Company: A less common type, where there’s no limit to the members’ liability. It can be public or private.

Each type of business entity in the UK has its specific advantages, disadvantages, regulations, and tax implications. It’s crucial to choose the structure that best fits your business needs and to seek advice from professionals when making this decision.

An LTD, or Private Limited Company, is one of the most popular types of business entities in the United Kingdom. Here are the key characteristics and features of an LTD:

1. Separate Legal Entity: An LTD is a separate legal entity from its owners. This means the company itself can enter into contracts, own assets, and be liable for its debts.

2. Limited Liability: The liability of the shareholders (owners) is limited to the amount they have invested in the company. In other words, the personal assets of shareholders are typically not at risk if the company incurs debts.

3. Shareholders and Directors: An LTD must have at least one shareholder and one director. A single individual can hold both roles. The director is responsible for running the company and ensuring legal and tax obligations are met.

4. Shares: Shares represent ownership in the company. An LTD cannot offer its shares to the general public or list them on a public stock exchange. Shares can be allocated, transferred, or sold privately, often based on the company’s articles of association.

5. Registration: To establish an LTD, one must register the company with Companies House, the UK’s official registrar of companies. This involves submitting specific documents like the Memorandum of Association and Articles of Association.

6. Annual Requirements: An LTD has several annual obligations, including submitting annual accounts to Companies House, filing a Confirmation Statement (previously called an Annual Return) to update company details, and fulfilling tax obligations with HM Revenue & Customs (HMRC).

7. Profits and Taxation: Profits made by an LTD are subject to Corporation Tax. After tax deductions, profits can be distributed to shareholders in the form of dividends.

8. Termination or Dissolution: If an LTD ceases operations or the owners decide to close it, they must follow a formal process to dissolve the company and settle any outstanding obligations.

The LTD structure offers a balance between operational flexibility and limited liability protection, making it a popular choice for various business ventures in the UK. However, as with any business decision, it’s important to consult with legal and financial professionals to ensure compliance and make informed decisions.

Forming an LTD (Private Limited Company) in the United Kingdom can be relatively quick, especially if you have all the necessary information and documents prepared in advance.

1. Online Registration: If you choose to register your company online through the Companies House Web Incorporation Service, it usually takes around 24 hours. This is the most common method used, and it costs a fee.

2. Paper Registration: If you decide to send your registration documents by post, the process will take longer, typically around 8 to 10 days. It can take even longer during busy periods.

3. Same-Day Service: If you need your company to be incorporated urgently and are opting for paper registration, Companies House offers a same-day service. However, to use this service, your application must be received by Companies House by 3 pm, and you must mark the envelope “same-day service” in the top left-hand corner.

4. Delays: While the above are standard processing times, occasional delays can occur, especially if there are errors or issues with your submission. Ensuring that all your documents are correctly filled out and that you’ve met all the requirements can help avoid unnecessary delays.

After your LTD is registered, Companies House will send you a certificate of incorporation, which confirms the company legally exists and shows your company number and the date of formation.

Always make sure to check the most up-to-date processing times and fees on the official Companies House website or consult with a company formation agent or legal professional for assistance.

To form an LTD (Private Limited Company) in the United Kingdom, specific documents need to be prepared and submitted to Companies House. Here are the primary documents:

1. Memorandum of Association: This is a legally required document for every company formed in the UK. It includes the names and signatures of the individuals who are forming the company and confirms their intention to incorporate the business.

2. Articles of Association: This essential document sets out the rules for running the company’s internal affairs. It covers aspects like the rights of shareholders, the appointment and removal of directors, and the conduct of board and general meetings. While you can create custom articles, many companies use the ‘Model Articles’ provided by Companies House.

3. Form IN01: This form provides various details about the company:

   • The proposed company name.
   • The address of the registered office (must be in the UK).
   • Details about the company’s directors and secretary (if one is appointed, though appointing a company secretary is optional).
   • Information about the company’s shares and share capital (for companies limited by shares).
   • Statement of capital and initial shareholdings or statement of guarantee (depending on whether the company is limited by shares or by guarantee).
   • Information about the individuals or legal entities with significant control (PSC) over the company.

4. Statement of Compliance: This is a declaration that the company meets all the legal requirements for incorporation.

While these are the main documents required, the exact nature and details of the submission might vary depending on the specifics of your business, its structure, and its intended operations. Once your documents are prepared, they can be submitted online via the Companies House Web Incorporation Service or sent as paper copies through the post.

Given the legal importance of these documents, many businesses opt to use company formation agents or legal professionals to assist in the preparation and submission process to ensure all details are accurate and compliant.

Certainly. Techpany’s expert and experienced financial advisors are ready to support your company formation. Apply to get support from our professional team regarding your company formation.

• Choose a package.
• Fill in “Get a Quote” form.
• Determine your preferences with our expert.
• Make your payment.
• Submit your information and documents.
• That is all. We have the rest.

Certainly. All the services your company needs are under one roof at Techpany. If you wish, you can look at our list of services.

You can contact us as quickly as possible by sending the Quote Form.