Company Formation | Chosen to Form a Company - How?
Startups may choose to work as a sole proprietor or they may register as a limited partnership. The latter option is a popular choice for many entrepreneurs because it provides a legal format of operation and offers protected liability to the company’s shareholders.
Chosen to Form a Company
Once you have chosen to form an LLC, now you need to decide where to place your business. The location of your business is determined by the registered business address of the House of Companies. It is important to choose the right place when registering your business, as it is not possible to move to the registered place after the boarding is over.
There are several options for registering your company. On one side of the scale, you will find accountants and attorneys who get paid for advice and counseling. While the fees of an accountant or attorney typically exceed a hundred pounds, it can be argued that their advice is worth the high cost. They can discuss the distribution of shares, the responsibilities of the director, and even suggest the use of a limited liability company for startups in which at least two people participate.
Services of a Company Formation
A popular alternative is to use the services of a company formation agent. Agency fees are much cheaper than accounting and you can use the knowledge of the service provider in the formation process. Many online websites filled with tips can also be filled out electronically in a matter of hours. Fees vary between agents, but in general, the formation should cost a few pounds.
Paperwork and Application
The last option is to try to create the company yourself directly using the House of Companies. This can be done by manually filling out the paperwork and placing the application or using the latest online service.
The main advantage of the online service is that it is cheap. However, you will not be given detailed advice because the registrar is not a business consultant but a records manager. If you have questions about the structure of the shares or what rights you have, you can seek help from professionals.