When you want to make your business official, it can be much easier than you think to register your own company – you can now do this quite quickly and simply online through a formations service, such as Capital Office, and you can be up and running within the day!We can take care of all the official notification work for you, such as registering your company with the registrar of companies at Companies House. All you have to is to decide what structure your company is going to take, and then follow our simple step by step process online to get registered.Here in the UK we have a choice of different legal structures that your company can take. Which one you choose for your company will depend on how you wish to operate. By far the most popular types of business formations are companies limited by shares, and sole traders. However, these two options carry some rules and regulations that need to be adhered to that you should be made aware of.For your information we have listed below the primary differences between these two structures, so you can see which one would be more suited to your type of business. More about business address
Limited Liability
For your greater protection it would make sense to register your business as a company limited by shares. This is because if the worst should happen, each shareholder or member of the company would only ever be liable to pay what their individual shares are worth. For example, if you and three friends or family members where shareholders in your company, and you each owned a share at just £1.00 each, then you would only be liable to pay £1.00 each should your company go bust. Their personal finances will remain unaffected and protected.This is not the case for a sole trader however. Because there is no distinction between a sole trader and their business, they would be held entirely liable for all debts run up by their business. So if the worst should happen and the business went bust, the sole trader would have to pay out costs from their own pocket. This can often be catastrophic as the sole trader would have to use their own personal finances to cover costs, and this can impact greatly on an individuals ability to keep up with their mortgage payments, bank overdrafts and credit card repayments.So you can see from the two examples listed above why it makes perfect sense to register your company with Your Company Formations and the process is very easy to complete. In fact, all you will need for your company formation process are the following details:
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Your Company Name
What you choose to officially name your own company is down to personal choice, however under The Business Names Act 1985, you must make sure that the name you choose is not already owned by another UK registered company. It is worth doing an internet search to see if your preferred company name pops up as already being used by someone else.There are also some words that you cannot use within your company name without express permission, and obviously names that contain sensitive words such as swear words or profanities will not be acceptable by Companies House. Also use of words like “association”, “group”, “federation” and similar words within your company name is prohibited.If you are really confused about coming up with a suitable name for your company, then one of our friendly customer service team members will be on hand to help and guide you.
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