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What is Companies House?
Companies House is the UK government body by which all limited companies in Great Britain have to be registered through as required by the Companies Act 1985.
However, the Companies Act 1985 is changing to meet four key objectives:
- enhancement for shareholders
- better regulation
- easier process for setting up and running a company
- future flexibility
The Companies Act 2006 is gradually being brought into full force during the period 2007 to 2009.
It still remains that all limited companies must submit financial information and company returns each year to Companies House which is made available as public records.
To make the process easier, faster and hassle free you can apply and register your company online with a company formation agent. Essentially, company formation agents use a system that links directly to the Companies House Electronic Filing Service in order to register your company. The service is fast and removes the need for you to get involved in the required paperwork.
If you choose to register your company via a formation agent, and there are many to choose from, check first to see they offer a specific turnaround time, money-back guarantee and excellent customer service to deal with any queries you may have.
What is a Limited Company?
A limited company is a private company registered in the UK by Companies House and assigned its own incorporation certificate and number.
The company’s profits, losses and liabilities belong to the company rather than an individual and the company run by its directors. The benefits of a limited company are such that if the business should fail the losses and liabilities incurred remain limited to the company and do not extend to the personal assets of the directors and/or shareholders.
It is also more commonly thought that credit is more readily available to a limited company.
In order to register a limited company the following information is required:
- A company name
- A Director for the company (this can be yourself)
- A Secretary (optional since April 2008)
- A Shareholder (with at least a single £1 share in the company)
Anyone can register a limited company with the proviso of the following conditions:
They are not an undischarged bankrupt.
They have not been restrained by court order.
They are not subject to UK government restrictions.
The major benefit of registering a limited company is the limited loss aspect. In addition many suppliers, creditors and companies prefer to do business with limited companies.
There are certain documents that need to be completed and returned to Companies House in for a company to be incorporated. These are as follows:
1 Memorandum of Association - which gives details of the company i.e. company name, location and type of business.
2 Articles of Association - details the directors’ powers and the rights of any shareholders.
3 Form 10 - details the name and address of director’s and company secretary, if one has been appointed along with the registered company address.
4 Form 12 - This states that the company complies with the terms of the Companies Act.
All of the above documents can be completed by company formation agents or by an accountant.
Each year a limited company has to return the following documents to Companies House:
A profit and loss account A balance sheet signed by a director
An auditors report signed by the auditor (if appropriate)
A directors report signed by a director or the secretary of the company
Notes to the accounts
Group accounts (When necessary)
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