Company Formation
Correct company formation is essential. Whether you’re an entrepreneur, a start-up or the owner or director of an established business, we at Arlingsworth Solicitors will make sure you have the optimum structure for tax and business legislation purposes.
We understand all commercial enterprises are different by virtue of their industry sector, trading patterns and business goals.
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With this in mind, our experienced commercial lawyers will work to understand your key objectives before recommending the most suitable business vehicle for you. Your options may include:
- Sole trader
- Partnership
- Limited company
- Limited liability partnership
- Amended or bespoke Articles
- Shareholder Agreements
- Board minutes
- Resolutions
In the UK, the primary company structures include:
- Private Company Limited by Shares (Ltd): This is the most common structure, where shareholders' liability is limited to the amount unpaid on their shares.
- Public Limited Company (PLC): Allows shares to be sold to the public and requires a minimum share capital.
- Company Limited by Guarantee: Often used by non-profit organisations, where members' liability is limited to a predetermined amount.
- Unlimited Company: There is no limit to the members' liability.
- Limited Liability Partnership (LLP): Combines elements of partnerships and limited companies, offering limited liability to partners.
Choosing the right structure depends on factors like the nature of your business, tax considerations, and the level of liability protection required.
Registering a company in the UK involves several key steps:
- Choose a Company Name: Ensure it's unique and complies with naming regulations.
- Select a Registered Office Address: This will be the official address for correspondence.
- Appoint Directors and, if necessary, a Company Secretary: Directors are responsible for running the company.
- Determine Shareholders or Guarantors: Identify who owns the company.
- Prepare Necessary Documents: This includes the Memorandum and Articles of Association.
At Arlingsworth Solicitors, we provide comprehensive support throughout the company formation process, including:
- Advising on the most suitable company structure for your business goals.
- Assisting with the preparation and filing of necessary documents.
- Ensuring compliance with legal requirements.
Providing ongoing legal support post-formation.
Company directors have several legal duties, including:
- Acting within their powers: Following the company's constitution and decisions.
- Promoting the success of the company: Considering the long-term impact of decisions.
- Exercising independent judgment: Making decisions independently.
- Avoiding conflicts of interest: Not allowing personal interests to conflict with company interests.
- Maintaining accurate records: Keeping proper accounting records and filing annual returns.
Yes, it's possible to change your company structure post-formation. This may involve processes like converting a private company to a public one or changing from a limited company to an LLP. Such changes require careful planning, adherence to legal procedures, and consideration of tax implications. Professional advice is recommended to navigate this process effectively.
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