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A Guide To Company Incorporation
If you are looking for some help and guidance regarding company incorporation, this article will be looking at some of the basic information needed to begin. The whole process can be rather complicated and difficult to understand but with the right help and information should be a lot easier. Here we start looking at how to go about setting up a limited company.
Aside from the sole trader status most companies set up as limited companies. The term 'limited' is from the fact the companies finances are completely distinct from the personal finances of the owners, unlike the sole trader arrangement. Shareholders in limited liability companies are not responsible for company debts although may be required in order to guarantee credit approved to the company.
There are several higher level requirements for company incorporation, such as the company must be registered at Companies House. Companies House is the regulatory body for the registration of companies and the maintenance of their company records. All annual accounts have to be filed at the Companies House, as well as annual return that must be completed each year to update Companies house with details relating to your company, this will include a small fee.
HMRC are informed if the company have made any profits or taxable income within a company year and your company will have to complete an annual corporation tax return and pay due taxes within nine months of the company year. This also means that anyone earning through your company has to pay income tax and national insurance.
Companies House is responsible for your company's registration with Great Britain and also has a key role in providing you with information about British companies. Before a business can be set up as limited company or company incorporation it has to be registered at Companies House. There are several documents you will have to fill in to complete the corporation process.
The first document is known as the Memorandum of Association which will include your company name, location and the type of business your company deals with. The next document is known as the Articles of Association that outlines all of the companies' directors' powers and shareholders rights. The next is known as Form 10 and provides the companies directors and secretary's names and addresses together with the companies' registered address.
The last form is known as Form 12 and this basically states that your company complies with the terms of Companies Act. These documents can all be prepared by a private sector agent (or your companies' accountant) but there is no requirement by law for them to be completed by an agent.
About the Author Dominic Donaldson is an expert in the company formation industry. Find out more about Company Incorporation and how the services available can help with company registration within Europe.
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