So you’ve got an idea for a business but now what? How do you move forward with this idea and turn it into an actual thing? One of the first things you should do is decide on the legal structure that your business is going to take.
In the UK one of the most common legal structures is a limited company — popular as the liability of the shareholders (the owners of the company) involved in the company is limited to the amount of unpaid shares they have.
Here we’re going to look at how a limited company formation works…
Pick your online company formation UK method
Limited companies can be formed directly with Companies House — the United Kingdom’s registrar of companies — or through a company formation UK agent, who will form the company through Companies House on your behalf.
Typically the company formation agent will be more expensive than going directly with Companies House. However, with the extra cost will you will get extra, associated services, such as a registered office and service address (to protect your privacy and also handy if you want a company formation in London).
Give your online company formation UK information
To form a UK limited you will need:
- A unique company name
- A UK based registered office address
- At least one director (the person charged with running the company)
- At least one shareholder (this owner of the company)
- At least one person with significant control (the person who ultimately controls the company)
Once all this information has been provided online (offline paper documents are available but increase the formation time) UK limited companies are normally formed with approximately 3 working hours.