When you launch a new company, it is the most exciting of times. Making sure the company is properly incorporated in a way that will assist you in achieving your professional goals is an important first step.
Our aim is to set up your company as quickly and as efficiently as possible. To start a company, you will need to have certain information ready such as the company name and address, details of the company officers through to share capital and shareholder details. By engaging us, you can be assured that all the relevant information will be collated and submitted in the right way.
Our Corporate Commercial Team
Why choose Talbots Law for company formation matters?
Our Corporate & Commercial Team make the process of setting up a company simple and straightforward for you. They will explain the process and procedure in plain, simple, business-like language, so you understand matters fully, such as directors’ duties, share capital and persons of significant control.
The basics of company formation
The law of company formation does not need to be complex. For your benefit, below is a brief outline of the basics of incorporating a company.
A company is a separate legal entity, distinct from its members. It is owned by its members and it is managed by its directors. It is regulated by the Companies Act 2006.
One of the key reasons for choosing to incorporate a company as a form of business vehicle (as opposed to a sole trader, a partnership) is that it is a separate legal entity which can enter contracts in its own name and is responsible for its own debts and liabilities. One of its key attractions is that its shareholders benefit from limited liability. The perceived main disadvantage of carrying on business using a company limited by shares is the level of public disclosure such companies are required to make through filings at Companies House.
All companies must have articles of association. The articles of association set out the company’s internal rules, including:
- the rights attaching to shares and details of any different share classes
- how shares can be transferred
- how directors can be appointed or removed and if they must retire by rotation
- how shareholder meetings are held, and
- how meetings of the directors are held
Our company law experts will guide you through the process and can help you with bespoke articles of association unique to your business and your values.
Company formation FAQs
What are the rules around choosing a company name?
The name you choose for your company must be unique (ie not used by any other organisation). Furthermore, there are a large number of words considered to be ‘sensitive names’ which require specific consent from various regulatory organisations before they can be used. This list is extensive but includes words such as ‘European’, ‘British’, ‘charity’, and ‘authority’.
Do my details have to be available to the public?
The UK Companies House keeps records of all details for UK limited companies. It makes certain information available to the public including names and addresses of directors and the company secretary, the shareholders of the company, and the company’s articles of association. The record also includes a confirmation statement showing a summary of these details plus annual financial statements. Any changes of details such as addresses or ownership of shares must be filed at Companies House on official forms together with any changes to the articles of association.
For more information regarding incorporating a company, speak to our Corporate & Commercial Team at Talbots Law today on 0800 118 1500.
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