Set Up A Limited Company

Which company structure should I choose?

Before registering a new company, you first need to decide which structure you’d prefer. As part of our service, we’ll help advise you based on your individual requirements, so we set up your limited company with the best structure to meet your needs.

The three main types of legal entity are a Private Limited Company (“Limited” or “LTD”), a Limited Liability Partnership (LLP) and a Company Limited by Guarantee:

Private Limited Company:

The most common type of company incorporation
Primarily used for businesses that are set-up to generate profit for the owner(s) of the business
Protects personal assets by limiting financial liability to the value of the share(s) in the business

LLP:

Mainly used for professionals and consultants who want to keep the flexibility of a traditional partnership, but want to limit their liability so that personal finances are protected should the business encounter financial difficulties
An LLP also offers flexible tax benefits, and the business won’t pay corporation tax as each business partner is responsible for paying tax through their self-assessment tax return

Company Limited by Guarantee:

Often used by non-profit organisations in the UK, for example, membership organisations, charities and sports clubs
This type of company structure protects the personal finances of the company owners in the same way a Private Limited company protects shareholders – although instead of shareholders and shares this structure has guarantors and guarantees
Profits are typically re-invested back into the company. Although guarantors can take profits from the company, doing so will mean any charitable status will be relinquished

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I started my own business at the beginning of the year, and I decided to use DS Burge as my accountants based on recommendations from a few friends who were long term customers. So far their levels of service and professionalism have been fantastic. They have helped guide me through all the hurdles I expected (and some I didn't). As you would expect you have a lot on your plate when you set-up from scratch, but they have always been on hand to help.

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What do you need to register a limited company?

To register a limited company in the UK, you’ll require the following details:

Memorandum of Association: business name, location, and business activity type (SIC Code)
Directors names, addresses, and the registered address of your new limited company (as part of our company secretarial services you can use our Surbiton address if you’d prefer
A list of share capital and shareholder details along with any people of significant control (PSC) – you need at least one shareholder allocated at least one share
Articles of Association: outlines the director’s powers and shareholder rights. Most companies use the Model Articles of Association for this.

When picking your company name, we’ll need to check the Companies House register that it is unique and not already registered to another business.

There are also certain words that Companies House list as ‘sensitive’, which means to register this type of name you’ll need permission for the relevant authority. Examples are “Dental” or “Royal”.

We’ll also need you to provide proof of ID and proof of address. This is to comply with Anti-Money Laundering (AML) regulations and ‘Know Your Customer’ (KYC) requirements.

We also recommend that you set-up a business bank account, and we can help advise on suitable services.

DS Burge & Co