Company Formation

There is far more involved in Company Formation, the 'proper' term for setting up a limited company, than simply deciding on its name and we can take clients through the full decision making process. Each point should be considered in detail before deciding to incorporate, whether for an existing business or a new start, and we would take clients through a thorough discussion to ensure this is right for their current circumstances and future plans as part of that decision making process. 

As a legal entity in it's own right, the decision to go ahead with a company formation and set up a limited company has to be carefully considered. Typically, the owners are protected from the liabilties of the company, but when it is small, suppliers will often require personal guarantees before extending credit.

A limited company also requires the Directors to put its interests before their own, and will exist beyond the lifetime of those Directors, unless plans are made to the contrary.

Once a decision is made to go ahead with the Company Formation, we can help with the practical implications, dealing with Companies House to gain approval of the preferred name, appointing Officers of the company, allocating additional shares, including different classes of share if requried, and ensuring the new Directors understand the implications of their appointment.

For an existing business that wishes to consider incorporation, there are a host of other considerations, all of which we can explain and help clients through.

There are potential tax benefits to operating a business through a limited company, but these are constantly under review by HMRC and should be constantly monitored whilst the company exists. We ensure this is the case for our clients and, if a limited company is no longer required or suitable, will also advise on its closure. 

Many of the same considerations apply to Limited Liability Partnerships (LLP) which is still a lesser known but increasingly common option. As you'd expect, we can advise on the pros and cons of becoming an LLP too, having acted for many over the years, and trading through an LLP ourselves!

Contact us now to find out whether incorporation is right for you.