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24HR COMPANY FORMATION SERVICES

• Company Formation (24hrs)
• Private limited by shares
• Private limited by guarantee
• Limited liability poartnerships
• VAT Application
• PAYE Application
• Bank Account Application Process
We provide a 24 hour company formation service for registering companies at companies house. We send your certificate of incorporation, memorandum and articles via email, or can send a laminated certificate of incorporation via post at an extra cost.

There are 2 types of companies that can be formed; they are ltd by shares or limited by guarantee. We also form limited liability partnerships.

Private Company Limited by Shares

Businesses may be limited companies for a number of reasons – it may look more ‘professional’, it may help if you need to raise external finance, and it may be more tax efficient than other business structures.

Under the limited company structure, your company and personal finances are kept separate, unlike the sole trader structure.

Limited companies are subject to corporation tax on their profits. If your limited company is going to turnover £68,000 or more per year, you must register for Value Added Tax (VAT).

A limited company is owned by its shareholders
Limited companies are no longer required by law to have a company secretary. They can now operate with just one director and shareholder.

If things go wrong and a limited company fails, its directors and shareholders have ‘limited liability’ in that their personal assets cannot be touched. For sole traders, their personal liability is unlimited.
A Private Limited Company cannot offer shares for sale on the stock market, whereas a Public Limited Company can.

All limited companies must be registered at Companies House.All limited companies should submit an ‘Annual Return’ to Companies House each year as well as their annual accounts

Private Company Limited by Guarantee

A company limited by guarantee is an alternative type of company used mainly for non-profit organisations.

The main features of a Company Limited by Guarantee are;
•It does not usually have a share capital or shareholders but instead has members who act as guarantors.
•The guarantors give an undertaking to contribute a nominal amount (typically very small) in the event of the winding up of the company.
•It is often believed that it cannot distribute its profits to its members but (depending on the provisions of the articles) this is not actually true.
•A company limited by guarantee that distributes its profits to members would not be eligible for charitable status.
•A limited by guarantee must include the suffix “Limited” in its name, except in circumstances specifically excluded by law. One condition of this exclusion is that the company does not distribute profits.

The most common uses of guarantee companies are
•Clubs
•Membership organisations, including students’ unions
•Sports associations
•Workers’ co-operatives
•Other social enterprises
•Non-governmental organizations (NGOs)
•Charities (such as Oxfam)

Companies limited by guarantee are not suitable for commercial enterprises.

Limited Liability Partnership

A limited liability partnership (LLP) is a partnership with limited liability for its members. It has the flexibility of a partnership and is taxed as partnership. In other respects it is similar to a private company.

In the United Kingdom, LLPs are governed by the Limited Liability Partnerships Act 2000 (in England and Wales and Scotland) and the Limited Liability Partnerships Act (Northern Ireland) 2002 in Northern Ireland.

An LLP must have a minimum of two people who have the intention of starting lawful trade and with a view to make profit. There is no maximum number of people that can join an LLP. A partner need not be a UK resident. An LLP also requires a registered office address which must be based in the UK and cannot be a PO Box or otherwise.

As with a limited company or a corporation, members of LLPs cannot, in the absence of fraud or wrongful trading, lose more than they invest.

LLP Agreements

Save on legal costs and avoid expensive disputes by using our free LLP Agreement.

If you do not have an LLP agreement it is not possible to divide the share of capital and profits other than equally regardless of whether members of the LLP have invested different amounts. Also, in the absence of an agreement a member who is not performing cannot be removed from the LLP.

The applicable legislation will impose certain rights and obligations on the members which may not reflect their intentions. Having a written agreement in place gives members the opportunity to vary or exclude the default position imposed by law, and to establish an agreement in other areas.

We provide LLP Agreements.