When you launch a new company, it is the most exciting of times. Making sure the company is properly formed in a way that will assist you in achieving your professional goals is an important first step. At Talbots Law, we have helped many entrepreneurs incorporate their company with confidence.
Our aim is to get you 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, on time and in the right way. We help you decide which process of company formation is best for you depending upon the complexity of your business structure. Our solicitors will manage the process for you, from start to finish, so you can get on with growing your organisation.
Why choose Talbots Law for company formation matters?
The hardest part of staring a company is overcoming the uncertainty and fear that comes with making the leap. Congratulations if you have already achieved this, now your destiny is in your hands. To allow you can get on with running your business, we make the process of setting up a company simple. We will explain the process and procedure in plain, simple, business-like language, so you understand fully the advantages and any future challenges that may result from your chosen structure.
At Talbots Law, we want to grow with you and celebrate your success. We treat our clients like family. By working with you on a solid strategy, we will partner with you, effectively becoming part of your business. The teams across our organisation and offices collaborate heavily to assist our start-up clients grow their venture and reach their commercial aspirations. This includes offering a full range of services in commercial, contract, corporation, tax and employment law.
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 help you form an 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, company secretary and shareholders, and the company’s articles of association. The record also includes annual returns showing a summary of these details plus annual financial statements. Any changes of details such as addresses or ownership of shares must be communicated to Companies House on official forms together with any changes to the Articles of Association.
For more information regarding legal business structures, speak to the company formation solicitors at Talbots Law today on 0800 118 1500.
- Nicola Reeve
- Director and Head of Commercial Property & Corporate Services
- 07932 679673
For more information please contact us