Set up a limited company: step by step

(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
0

Like This