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Setting Up and Running a Company

Why do I need a Ltd Company?
A Ltd company has an identity separate from the persons that own it. There are certain advantages to this. Firstly your liability is limited, which is especially important if you are working in high risk contracting areas. There are also potential tax advantages to working in this way. Finally, if you are going to take on employees then it is preferable to operate as a Ltd company.

What Type of Company?
There are three main types of private company:

Company limited by shares
- the members' liability is limited to the amount unpaid on shares held by them.

Company limited by guarantee
- the members' liability is limited to the amount they have undertaken to contribute to the company's assets if it is wound up

Unlimited company
- there is no limit to the members' liability

The most common private company is that limited by shares.

The member(s) are the owners of the company. There is no minimum requirement so far as the number of members is concerned. However, if there is only one member then decisions taken by that member must be conveyed to the company in writing.

How do I Form a Company?
Your accountant or solicitor should be able to help you with this. Alternatively you can contact a Formations Agency, which is often cheaper.

Click here to check if the company name
you have chosen is available

Click here for a list of Company Formation Agencies
(coming soon)


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Melwoods Chartered Certified Accountants


10-12 Lawn Lane, Hemel Hempstead, Herts HP3 9HH
Tel 01442 347850; Fax 01442 347801

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