There are a few options for setting up a company in UK. The most popular one is the limited liability company. In this type of formation, you can separate your personal assets with that of the company. This advantage is not offered for sole trading businesses. To start a limited liability company, the following details are necessary:
- Registration has to be done at the Companies House. The process is simple and can be done online or though a formation agent or an accountant.
- Memorandum of Association - this has the names and addresses of the members coming together to form the company.
- Article of Association – This includes the legal rights of a director and shareholders.
- Form IN01 – This form has the details of directors, secretaries (appointment of secretary is not compulsory by the law and depends on you), shareholders and share capital (if finance is being raised through shares).
Obtaining the forms is possible either by downloading it from the Companies House website or visiting any of the branches. However, filling these forms in is not as easy obtaining them. Such are the complications that mistakes are bound to be made resulting in rejection. So taking expert aid is vital when settingup a company.