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Downsizer Forum Index -> Small Business Questions, Ideas and Advice

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Lorrainelovesplants

Joined: 13 Oct 2006
Posts: 6521
Location: Dordogne

Posted: Mon Mar 30, 15 1:25 pm Post subject:

wow, this really is confusing..

Ive found this site/page online...https://startups.co.uk/choosing-a-name-for-your-limited-company/
where you can literally form a company online for either £20, £30 or £40 plus vat. Which would you choose (if any)?

Professional - Ltd Company Formation Package
3 hour online formation
Full trading ltd company - limited by shares
Digital documents

Mem & Arts
Certificate of Incorporation
Share certificates
Printed Certificate of Incorporation
Bound Memorandum & Articles
Company Register (unbranded)
Registered Office (optional)
Online access to Admin portal / Co Sec system

To add a HSBC Business Bank Account - see bottom of page. £39.99 + VAT

Executive - Ltd Company Formation Package
3 hour online formation
Full trading ltd company - limited by shares
Digital documents

Mem & Arts
Certificate of Incorporation
Share certificates
Printed Certificate of Incorporation
Bound Memorandum & Articles
Online access to Admin portal / Co Sec system

To add a HSBC Business Bank Account - see bottom of page. £29.99 + VAT

Starter - Ltd Company Formation Package
3 hour online formation
Full trading ltd company - limited by shares
Digital documents

Mem & Arts
Certificate of Incorporation
Share certificates
Printed Certificate of Incorporation
Online access to Admin portal / Co Sec system

To add a HSBC Business Bank Account - see bottom of page. £19.99 + VAT

wellington womble

Joined: 08 Nov 2004
Posts: 15051
Location: East Midlands

Posted: Mon Mar 30, 15 1:27 pm Post subject:
I'd be very interested to hear what he says.

vegplot

Joined: 19 Apr 2007
Posts: 21301
Location: Bethesda, Gwynedd

Posted: Mon Mar 30, 15 2:09 pm Post subject:
I'd do it myself via Companies House. https://ewf.companieshouse.gov.uk//runpage?page=welcome

Lorrainelovesplants

Joined: 13 Oct 2006
Posts: 6521
Location: Dordogne

Posted: Mon Mar 30, 15 2:42 pm Post subject:

Ive just spoken to a very nice Welsh lady at Companies House.

basically its an online registration. She CANT give advice (but her tone of voice changed a lot when trying to spell things out to me without advising me...
So when I asked - " so, it says I need to give details of the shareholders and the share capital what does that mean?"
she said Are you going to be the only shareholder?"
me - "er....yes?"
"Then you have to decide what you want your share capital to be - what the share is worth - the liability"
me - " well, whats the usual thing?"
"I cant advise you that, BUT YOU COULD MAKE IT FOR AS LITTLE AS £1"
Me-"Does that mean my business is worth £1 then?"
Her - "No, its what the liability is. If your business goes down then you as the only shareholder is liable for £1"
Me - "so, Im not giving the share amount as what I value the business at?"
her - "I cant advise you that, But you can always issue MORE shares when your business becomes more profitable"

Lorrainelovesplants

Joined: 13 Oct 2006
Posts: 6521
Location: Dordogne

Posted: Mon Mar 30, 15 2:43 pm Post subject:
So, yes, Im going for online reg as a private limited company with shares. There will be one share and I think I have to make it £1. Is this a correct interpretation? Or should I ask my helpful, very rich accountants?

vegplot

Joined: 19 Apr 2007
Posts: 21301
Location: Bethesda, Gwynedd

Posted: Mon Mar 30, 15 2:50 pm Post subject:
We did 100 shares @£1 each split between two directors equally.

wellington womble

Joined: 08 Nov 2004
Posts: 15051
Location: East Midlands

Posted: Mon Mar 30, 15 11:54 pm Post subject:
If you did it now, would that mean you need to get your accounts done for this year, despite being a ltd for only a few days of it? Or would it be worth waiting a week? Edit - ignore me. You said you already had them done anyway.

Lorrainelovesplants

Joined: 13 Oct 2006
Posts: 6521
Location: Dordogne

Posted: Tue Mar 31, 15 7:08 am Post subject:
The accountant said it didnt matter when I started. Having slept on it overnight, Ive started to have creeping doubts... Am I kidding myself? Do I need the hassle? And then the contrary - Its no more hassle than now - just different. Good opportunity to formalise the business and get it profitable. Sleepless night, and off for a whole day of maths at Penzance...groan.

vegplot

Joined: 19 Apr 2007
Posts: 21301
Location: Bethesda, Gwynedd

Posted: Tue Mar 31, 15 7:34 am Post subject:

Lorrainelovesplants wrote:

And then the contrary - Its no more hassle than now - just different.

It's better not just different.

Mistress Rose

Joined: 21 Jul 2011
Posts: 15936

Posted: Tue Mar 31, 15 7:36 am Post subject:

As there are three shareholders in our company; husband, son and me, we each have one share at £1. Our accountant set it all up for us at the beginning, including a name of our choice, and hasn't suggested that we increase the shareholding at all. I would speak to your cousin, but don't lose sleep over it. If you don't feel up to the hassle now, you could look at it again in a couple of months having discussed it with various people and got the information together.

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