Company Formation And Records
|
Since Limited Companies exist only to establish legal responsibilities, they may only be created in a way recognised by the legal system. The Company must file annual tax returns with the Inland Revenue and pay corporation tax. There are also various forms and annual returns required by the Register of Companies. For all these forms, there are strict time limits for their submission and/ or payment of fees and tax . If these are breached there are automatic penalties. A Limited Company can provide a limit to the liability of its owners, i.e the shareholders. But when a company is small or just starting, the banks often require personal guarantees of the principal Shareholders or Directors thus negating this benefit. Incorporating a business allows a number of other advantages such as the ease of introducing additional capital into the business by the sale of Shares in the Company. A Limited Company also provides for business continuity when the original owners chose to retire or sell their interest. Should you decide to incorporate your business venture, it is essential to seek professional advice, preferably from a Chartered Accountant. At POTTER & POLLARD, We have dedicated staff who specialise in forming Limited companies tailored to your individual needs. We provide a full service from setting up the Company and dealing with the initial paperwork (of which there is a great deal!) to a complete secretarial service. This includes preparing the required minutes, maintaining the statutory books, annual returns and dealing with the regulatory authorities. Please contact us if you would like further information. |
A Limited Company is a separate legal enity that separates the legal responsibility for the affairs of a business from the personal affairs of the individuals involved.