What is a Limited Company?
A limited company has a separate legal entity to its owners, unlike a sole trader or partnership. A sole trader is personally liable for the business’s activities, putting the owner’s personal assets at risk should the business face financial problems. Members of a partnership are also jointly and severally liable unless it is a limited liability partnership.

The owners of a limited company have limited liability for the debts of the business up to the value of their shareholding; they are not personally liable for the company’s debts. If the business fails the shareholders only lose the amount they have invested in the company. It also means that the company name is protected and the company can continue to trade if one of the members leaves.

 

Custom Made Company
To form a limited company in NI you will need at least one director and one Shareholder (this can be the same person)..
Once you have selected a name for the company we will check it with Companies Registry.

The next step is to determine the main object of the company, we can custom build the first clause of the Memorandum of Association to your exact specifications. We will advise you on appropriate authorised capital and share issue. Once these specifications have been determined we can then form the company for you.

For your convenience (and to protect your anonymity where necessary) we act as Nominee Director, resigning as soon as the company has been incorporated and you have returned the necessary documentation to us.

 

Shelf Company
If you require a company urgently we carry a number of pre-incorporated companies which can be updated to your specifications. As soon as payment and documentation is received the company is yours.

 

Companies Limited By Guarantee
To form a Guarantee Company you need a minimum of one director and one member (this can be the same person). Each member undertakes to subscribe £1.00 in the event of the company being wound up. Once the name and the main objects of the company have been established, we draft the Memorandum and Articles of Association for your approval. Where necessary, we will merge your organisations constitution with the statutory documentation. Our system has helped many charities obtain Charitable Status with the Inland Revenue.

 

What Needs To Be Done Each Year?
All limited companies must file a set of accounts and an annual return (which is prepared by Companies Registry) A set of accounts must also be filed with the Inland Revenue.

 

VAT
The current threshold for VAT registration is 67,000 and you must register for VAT if your business turnover reaches this figure. You may also register voluntarily even if your anticipated turnover will not reach the threshold or you feel it may do in the future.

For a guide to VAT click here

 

Registered Office Service
Your Registered Office need not be the same as your trading address and there may be advantages to keeping them separate. Certain documents have to be kept at the Registered Office and made available for public scrutiny.

We can provide a Registered Office service for your new company and mail will be forwarded to you on a weekly basis.

 

Company Secretary

With effect form the 5th April 2008, a company secretary is no longer required on NI and GB companies. If required a secretary can be appinted in the normal way on a 296 form submitted to Companies Registry in NI (2882 form in GB)