Limited Company Formation

There are many business start-ups and sole traders who choose to proceed with limited company formation due to the many benefits associated with a limited company. However if you do choose to proceed with a limited company formation, there are many considerations that need to be thought through carefully.

Advantages to Limited Company Formation

There are many advantages to a limited company formation and this is due to the limited liability status that is assigned to the company. A limited company is a separate legal entity in its own right, this means that the company's directors and officers will not be held personally responsible for it. The limited company's directors, officers and shareholders will not have to use their personal assets to meet any outstanding company debts.

The main advantages to a limited company formation include:

The limited liability status of the company means that the personal assets of the company's directors and shareholders are not at risk in cases of bankruptcy.
Limited company formation means that the first £10 000 of the company's profits are tax free.
Limited companies instil more confidence in their potential suppliers and customers. In some cases, larger companies will not trade with non-limited companies.
No two limited companies can have the same name and therefore the limited status protects the company name. In many cases, companies will proceed with limited company formation to protect a name for use at a later date.

Limited Company Formation Procedure

There are three things that need to be set up before proceeding with a limited company formation, these include:

Making payment to Companies House, they are the registration company for limited companies within the UK.
Before proceeding with a limited company formation, you will need to decide on a business name for your company and check that is has not already been registered. You will also have to make sure that the business name meets with the regulations for a company name.
The company will also need a registered address within the UK. This address will be where the company keeps official documentation and receives official correspondence. This address will also be where court documents can be served.

Limited Company Formation Online

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