Over the years, there has been a global transition in the registration process of a business enterprise. From seeking approval to obtaining licenses from the higher authorities, it’s an all-pervasive development in the industry. The storage of data on the Cloud is a significant replacement for the idea of maintaining ledgers and storing hard copies of documents. Even the Governments are continuously improving their portals for easy access to entrepreneurs. However, mandatory validation from the regulatory bodies is a must before executing any business.
About the regulatory bodies, United Kingdom’s Government has Companies House and Her Majesty’s Revenue and Customs as the two eminent government bodies. Their approval signifies the authenticity and credibility of a business located in the UK.
Nobody wants to stay in a long queue to file forms, application letters, etc. Also, many prefer hiring an accountant or a professional to handle all the legalities, be it online or otherwise. For that matter, the desire to have an unconventional approach does increase the number of people who would want to take ownership and responsibility of their company from the very start.
So, let’s begin noting down the significant pointers from the easy-to-do list, gather the information and register the business without any complications.
Precision in Decision-Making
Once you conceive a business idea, incorporate it wisely. Begin with the decision – Will it be a sole-proprietorship, partnership, limited liability partnership, or just a limited company. Decide whatever is in your best interests and suits your primary purpose of moving ahead with the business proposition.
Further, you can aim for a structure that would make it easy to manage the taxes, say, a private company with limited liability. Here, as the managing director, you don’t have to worry about acquiring your assets as the name “limited liability” benefits you from any financial trouble.
Company Name Selection
The company name selection is more or less like giving a name to your child. It’s like building an asset that can ensure fruitful results. Hence, whatever name you decide upon must be symbolic of the reason to bring up this business idea.
Research the existing company names in the market and then make a choice. The company name should be short and punchy so that people can retain your brand. After that, you can get approval from the Companies House (a governmental organization with a database of the limited liability companies registered in the UK).
Speaking of which, the Companies House has set different fundamental rules for every type of business. You have to be structure-specific when sending a name to register llp online uk. The name must end with ‘Limited Liability Partnership’ or ‘LLP to distinguish it from other company structures. For your reference, LLP Company is identical to a partnership wherein each partner is liable only to the enterprise’s investment. Besides, while registering your business with the Companies House, do get the registration done under the HMRC (UK Government’s Tax Authority) as well.
Assemble the Details
You need to collect certain information to register your business. The following data must be there with you when you are filing for registration online-
- Company’s name
- The Office Address you’ll be using for public dealings.
- Specification of what the company intends to deliver – one Standard Industrial Classification (SIC) code must be mentioned.
- Set the distribution ratio of the share capital between two partners for a limited liability partnership.
- Mention the shareholders and company directors and their name, address, and date of birth.
Prepare Core Documents
Post assembling the details, get ready with the crucial documents such as the Memorandum of Association (MOA) and Articles of Association (AOA). They lay the foundation of any organization. To be specific, the memorandum is short. It includes various primary clauses, whereas the articles of association are a “rule book” defining procedures that the directors have to follow on behalf of the shareholders.
Further, the preparation and completion of these documents are essential for the smooth functioning of any business undertaking. In this regard, the shareholders, company directors, and secretary, if any, have to agree upon and sign these documents before the registry.
Submit for Approval
Before you begin filing for incorporation, you will have a bag full of information. You only need to submit it all to the respective institution for approval. Speaking of the fact, United Kingdom’s Government provides the freedom to select any one option out of the three for registration with the Companies House:
- , E-filing through an exclusive software with up to 10-pound sterling of standard fees.
- You can access the Companies House web portal where 12-pound sterling fees is applicable.
- Paper filing under the IN01 form is another option for you that’ll cost you 40-pound sterling.
However, opting for paper filing might be time-consuming and involve too many complexities, like making the right postal choice.
You cannot start with the operational activities right away once the filing for incorporation has been done. After the checks run by the governmental authorities, a company gets approval for its formation and identity to make a mark in the market.
Count it as a recommendation. Choose to E-file If you want to instantly get away with all the formalities.