Setting up a new company can seem like a bit of a daunting task, from the company name to the appointing of officers i.e. Directors, Shareholders and a Company secretary; it may look like a complex part of getting your business up and running.
If an accountant has the knowledge and experience then company formations can be done swiftly and relatively cheaply. The actual setting up of the company may not be that difficult but the initial decision of whether to form a company or not is something that needs to be carefully thought out.
Some significant areas to look at are the tax implications for forming a company. Depending on the level of income and more importantly profits, it may or may not be beneficial to you to be in a limited company; in other words you need to work out if you will be saving tax or paying more tax.
Some other key points to note about limited companies are:
Limited Liability – Debts lie with the company, not with you personally
Separate Entity – You are seen (legally) as separate from the company
If you decide you want to form a company and it is the best way forward for your business then it is advisable to have what called a ‘company secretary’ appointed. Some of the responsibilities of a Company Secretary noted below:
– Assist the Directors & Shareholders in the decision making
– Make sure that the appointment of officers is done correctly
– Make Sure the company complies with all its statutory obligations
– To act with an independence from the other officers to allow them to always base their opinions and actions on what is best for the company. The Company Secretary’s responsibilities are to the company, not the Directors or Shareholders.
Whether you want an off the shelf company, a tailor made company, a Limited Liability Partnership or a plc forming we can help form the company for you.
If you are looking to set up a new company or maybe would just like some further advice, why not give us a call today? We would be happy to hear from you.