FAQ
Shareholders
Also referred to as 'Members' are the 'Owners' of the company, the minimum requirement is one share holder but usually two, sometimes more. The shareholders' names and addresses are open for public scrutiny, if you wish this to be hidden you might like to use Same-day Company Services Nominee service.
Directors
There must be at least one Director, (also referred to as 'Officers'). These are the people appointed by the shareholders to manage and run the business, in most small companies the directors are also the shareholders.
Company Secretary
The Company Secretary is responsible for maintaining the statutory information of the company. The company must have at least one director and from 6th April 2008 need not have a Company Secretary. It may if it wishes appoint a Company Secretary. Same-day Company Services Limited are happy to act as your company secretary.
Registered Office
This is the official legal address (not necessarly the trading address) but it must be a 'proper address' (not a PO box) where 'official mail' is deemed to have been received by the directors and where details of the shareholders & officers of the company may be available for public inspection.
Many companies, where perhaps the directors work from home or are continually working away, who would prefer to have their Registered Office at say a London Address, may use the Same-day Company Services prestigious London address for a small annual fee.
Shares
Are in effect the 'capital' that the company has available to run the company with, but sometimes it may be more beneficial for the Directors to make a loan to the company which can be taken back when the company has sufficient funds to do so, once you have put money into the company in exchange for shares it is there for life or only able to be taken out if you sell the shares, therefore maybe selling your control of the company. Shareholders are also able to be paid dividends if and when appropriate.
Company Seal
A company seal may be required for certain documents, although the impression of a seal on some documents looks impressive.
VAT Registration
You must register for VAT unless the turnover of the company will be below the minimum rate.
Advantage of a limited company
A limited company is a separate body from you (the owners). As the owner (shareholder) it is an asset which you can dispose of as and when you wish. A Limited Company has a limited liability and it will protect your personal assets, if the business fails you will only be liable for the assets of the company not your personal assets such as your home (unless you have made any personal guarantees) or as a Director you have acted improperly or illegally. The wise thing to do is not to borrow money against your personal assets or income but against the company's assets or income, Same-Day Company Services Limited is able to assist in financial matters too.
Domiciliation (where the company resides)
The vast majority of companies formed in the UK are in fact domiciled in England & Wales and must have a Registered Office in either England or Wales, if your Registered Office is outside of this area it MUST be registered in the appropriate domiciliation ie a company with a Registered Office in Scotland must be set up as a 'Scottish' company, the domicile of a company cannot be changed, although the identical name cannot be used in more than one domicile ie 'ACME TRADING LIMITED' registered in England & Wales cannot be registered in Scotland or Northern Ireland. Unless you tell us otherwise we will always assume that you require the company to be set up in England & Wales.
Ready-Made (Off the shelf) Companies
Ready-Made companies are already formed but have not traded, you must select a name from our Ready-Made list. In the past these companies were favoured because it took 5-8 weeks to incorporate companies, but now as it only usually takes 24-48 hours most people prefer to choose the name of the company and create it from scratch, the price for both services is the same.
Company Name
The company name must not be identical to another Limited Company, ('the', 'company', 'spaces' and 'punctuation' are not counted as different) and there are many 'sensitive' names that either cannot be used or can only be used under certain circumstances, most common are 'International', 'Group', 'Holdings', 'Bank', 'King', 'British', etc.