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With 101 things to consider and plan for when starting a new business, the legal aspect often gets left at the bottom of the pile. However, it’s a vital part of setting up a business.

How do you do it though? If you’ve got no business owners in your family or social group, you might be unsure about how to get started. That’s what this post aims to help you with.

Putting your business down as a registered company is a big undertaking, but it’s also not as scary as it sounds.

Choose a business set up

There are plenty of business setups to choose from, but when it comes to limited companies, there are two main choices.
– Private limited company (LTDs)
– Public limited company (PLCs)

In most cases, a private limited company will be the most suitable choice for you. PLCs require a minimum share capital of £50,000, along with two shareholders, two directors and a company secretary – things that most startups won’t need or have right now.

Choose a business name

You will need to choose a name for your business to trade under. This is an exciting part of starting a new business, but beware – this can be a frustrating process.

Trying to find a business name that hasn’t already been snapped up by someone else can be very difficult. The same goes for buying a domain name. It seems like all the good ideas have already been taken.

Who do you need to register with?

The main thing you need to do is register your new company with Companies House. This will register you for Corporation Tax at the same time, which is essential.

accounting services for limited companies
When you register your company, you will receive something called a “certificate of incorporation” from Companies House. This is a confirmation that your company legally exists. It’ll contain information including your company number and its formation date.

What do you need to have ready?

To register your company, you will need to provide Companies House with 3 pieces of information at the very least. These could be:
– National Insurance number
– Passport number
– Town of birth
– Mother’s maiden name
– Father’s first name
– Telephone number

How much does it cost to register a company?

It costs just £12 to register a company. This can be paid via credit card, debit card or your Paypal account. Once you hit ‘Submit’, your company will usually be registered within 24 hours.

You can also choose to register by post. This is an option if you would rather not have the word “limited” in your company name. This, however, costs £40 and must be paid via cheque to Companies House. This is, of course, a slower process and can take from eight to ten days to set up.

You can opt to speed the process up by getting your application to Companies House by 3 pm or paying £100 and marking your envelope with “same day service” in the top left-hand corner.

By signing up to The Accountancy Partnership’s service, you will receive free company incorporation and a fully managed application to ensure your business is up and running without a hitch. Find out more here, call us on 020 3355 4047, or hit the Live Chat button today.

About The Author

Elizabeth Hughes

A content writer specialising in business, finance, software, and beyond. I'm a wordsmith with a penchant for puns and making complex subjects accessible. Learn more about Elizabeth.

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