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There are different rules for different types of business, so as a sole trader do you need a business name? The quick answer is no, although it can be beneficial to have a separate business name.
In order to comply with the rules under the Companies Act 2006, there is a lot to think about when forming a limited company. One obligation is that your company must affix or paint its name on the outside of its registered office and every office, factory or place in which its business is carried out.
If you don't know how to draft the minutes of the first board meeting we can advise and prepare the appropriate legal documents for your signature.
It is a common concern that if your company begins to fail, you could be affected personally with debt. Registering as a limited company can therefore give you added protection should things go wrong.
The Companies Act has many safeguards for your protection, and all limited companies are now formed in accordance with its provisions. By law a limited company is a separate legal concern, quite distinct from its shareholders and directors.
Stamping your company name as your own to protect the name from competition is highly important. Unlike a business name or partnership, registration protects your limited companies name. This means by law, no-one else can use it.
A limited company is generally strongly favoured by the taxation regulations. It is subject to tax but its profits are not normally subjected to higher rates of tax - unlike income tax.
When setting up as a limited company (preferably through Paramount Company Formations), you will need to consider shares and how much value is attributed to them.
After having registered your business, the next major decision is to whether or not you should then register for VAT - so you can then charge your customers.
SME insurance provider Superscript recently reported on the most entrepreneurial towns in the UK, and the results may come as a surprise.
* All timescales are dependent on how busy Companies House are and if their system is operating normally.
* All prices are plus VAT