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If you have decided to set up a company of your own, then you have already taken the first step towards achieving financial independence. If you do it the right way, a good company will have the potential to provide you with solid income at the end of a month. It must be established in the proper manner though. The registration process must be carried out properly, either by you, or a company formation agent. Here are some things that you must do before you can start doing business through your company. First, choose the type of company you want to establish. If you are going to do business for the first time, it is advisable that you establish a limited company. A limited company will not affect your personal assets in case a lawsuit is filed against the company at any point of time. Besides, it will also provide financial immunity to shareholders, protecting them in case the company runs into financial crisis. In case of a sole trader business, you will be held responsible for any legal hassles, and it may also affect your personal assets. Establishing a sole trader business may seem cheaper than a full fledged limited company. But the extra cost is worth it considering the security you’ll get. Next, you will have to choose a unique name of your company. The name must not be used by another company situated in same city. There may be additional rules that apply to the name given to a company. Ask your attorney or company formation agent for more information regarding this. Once you have named your company, look for a permanent address where the company offices will be located. Registration of a company cannot be completed without a permanent address. Even if you establish an online company, it must have an administrative office at a permanent physical address. Lastly, pay the fee at your local business registration office and fill out the forms. You will also need two documents, namely, the Memorandum of Association and the Articles of Association. These documents can be prepared under the guidance of any good attorney or a company formation agent. Once these have been prepared, file the documents properly. That’s it. You are done with the registration process. Company formation is quite a tedious process. If possible, hire a company formation agent to carry out the procedures. There will be significantly less chance of a mistake that way. Res. Link: Start a Company - As part of one of the UK’s largest company formation agents, with 25 years experience, Company Formations 24.7 offer a fast, straightforward and professional service and have tailored three great company formation packages.
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