The Basics on Setting Up a Limited Company

8 October 2018

- This is a sponsored post - 

If you are wanting to set up a limited company, then this post is for you. I will be sharing some of the top recommendations of things that need to be in place before you get started. 

A limited company is a private company whose owners are legally responsible for its debts only to the extent of the amount of capital that they invested. By running your business as a private limited company it means that it is legally separate from the people who run it, it will have separate finances to personal ones and you can keep any profits it makes after paying tax. 

There a few things that need to be sorted out and organised before you set up the company itself. You'll need the company name ready, making sure that it's unique and doesn't contain any words that would be deemed sensitive. Another thing you will need is to have a company registered address where official mail can be sent. 

Another thing you will need is at least one director who will be legally responsible for running the company and making sure that its accounts and reports are properly prepared. The director has to be over 16 years old and not disqualified from being a director. You'll also need the details of the company's shares and at least one shareholder. You also need to check what your SIC code is, this identifies what your company does. 

After you have set up your limited company, you will need to start a business bank account to keep your finances clearly separated from your personal ones. You'll need to make sure that you are registered with the HMRC, this is incredibly important. 

If you are thinking of setting up a limited company then One Click Group, might be able to help you!

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This post is sponsored and in collaboration with One Click Group.

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