(GOV.UK)
www.gov.uk
Set up a limited company: step by step
Step 1:
Check if setting up a limited company is right for you
Step 2:
Choose a name
Step 3:
Choose directors and a company secretary
Step 4:
Decide who the shareholders or guarantors are, and Identify people with significant control (PSC) over your company.
Step 5:
Prepare documents agreeing how to run your company ,
Step 6:
Check what records you’ll need to keep ,
Step 7:
Register your company
Limited companies
A limited company is a company ‘limited by shares’ or ‘limited by guarantee’.
Limited by shares
Limited by shares companies are usually businesses that make a profit. This means the company:
- is legally separate from the people who run it
- has separate finances from your personal ones
- has shares and shareholders
- can keep any profits it makes after paying tax
Limited by guarantee
Limited by guarantee companies are usually ‘not for profit’. This means the company:
- is legally separate from the people who run it
- has separate finances from your personal ones
- has guarantors and a ‘guaranteed amount’
- invests profits it makes back into the company
