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How to Setup Your Own Company

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How to Setup Your Own Company

As every successful entrepreneur and start up knows, at some point you will need to take your business to the next level. You are no longer a one man (or woman) band and you need to change the legal status of your business to reflect this. When it is time to move from self-employed to setting up your own company there are a few points to consider.

Registering Your Company

In the UK, registering your company can be as simple as choosing a name and sending the correct documents and fee to Companies House in London. However, if you are inexperienced there are a number of pitfalls that can occur. Which documents do you require? How can you check that your chosen company name is available? Or maybe you just need some advice and hand-holding. Fortunately there are specialists who will advise you on the process, enabling you to concentrate on making money for your business. For example, Complete Formations offer advice on setting up a limited company

What Sort of Company?

In the UK most small businesses are either sole traders or limited liability companies (the ones with ltd after their name). When setting up a limited company it is important to consider who the shareholders will be, what voting rights will they have, what dividends they may be entitled to and, if the worst comes to the worst, what the shareholder will be entitled to if the company is wound up.

Company Directors

In the UK even the smallest companies will have one or two directors. Their responsibility is to provide a duty of care to the shareholders. Of course, particularly in start ups, the directors may be shareholders themselves. They will likely also have responsibility for the day-to-day running of the company. Certain laws apply to who can become a company directory so unless you have experience of these matters it is recommended that you seek specialist advice.

I am the founder of Startup Today. I am the main writer and have put in many hours of work into creating this blog. If you want to find out more about me then lets get in contact.

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