What Happens Next After A UK Limited Liability Company Formation


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Home \| Business \| Corporate What Happens Next After A UK Limited Liability Company Formation By: Terry Cartwright After the UK limited liability company formation documents have been submitted to Companies House to register the new company Companies House will then send notification to the new registered office that the new company has been incorporated with the Certificate of Incorporation. Following confirmation that the new company has been formed the directors need to take a number of actions to start the new company on the correct footing. Statutory Books and Registers Following the company formation the directors have a legal responsibility to keep a set of statutory registers on behalf of the limited liability company, known as the statutory books. The statutory books to be kept include a statutory register of the appointed directors and their interests, a statutory register of members and a statutory register of charges on the company assets. The majority of company formation agents provide templates for the statutory registers The statutory register of directors should include the full names and addresses of the directors which can be entered from the Companies House form 10 details originally submitted to Companies House when the new limited liability company details were submitted for registration. In addition the director interests should be included such as other directorships and specific interests in any company assets. The statutory register of members is a list of the company shareholders which will include the original subscribers to the memorandum of association. This statutory register of shareholders should state the name and address of the shareholder, the number of shares issued stating the class of share if different classes are issued and the date when those shares were issued. The date the shares were issued to the subscribers to the memorandum of association would be the date the company was incorporated. It is a legal requirement to keep a statutory register of any charges, mortgages and debentures that have been contracted by the company. The statutory register should also include the details of any assets which are the subject of those charges. Share Certificates After the company has been incorporated the newly formed company should issue to its shareholders a share certificate which is prima facia evidence of the ownership of those shares. There is no prescribed convention for the design of the share certificate which is an internal corporate affair. The details entered on a share certificate would be the company name, shareholder name, registered office of the company, class and number of shares with the share certificate normally signed by the issuing authority such as the company secretary. Disclosure of the Limited Company and Name Under the Companies Act 1985 each company must paint or affix the name conspicuously on the outside of every office and place of business even if this is the home of the director. The company must also state its name legibly on all company business letters, order forms, official publications, cheques, orders, invoices, monetary notes and receipts and on all websites. In addition companies must also state its pace of registration e.g. registered in England and Wales or registered in Scotland and the company registration number on all business letters, order forms and websites. A company does not have to show its directors names on business letters but if it chooses to do so then all the director names must be shown. A business letter must show every directors name or none. Annual Return Every year Companies House will send an annual return to the company registered office with the corporate details pre-printed. This annual return is known as the shuttle form and should be signed and returned to Companies House within 28 days confirming the details are correct also enclosing the annual filing fee of thirty pounds. Any new details or changes to the information contained on the form should be advised to Companies House on the appropriate document such as changes in registered office or directors. In many cases particularly for small limited companies there are no changes and the form can simply be signed and returned. It is important that the annual return is returned as failing to do so can and does trigger a process that would lead to the Company being listed in the London Gazette and eventually dissolved with various penalties to the directors who failed in their responsibilities. Company Accounts A company must both keep company accounts which start on the day of incorporation, the initial shares having been issued and paid on that day. When the accounts are completed and submitted at the end of the financial year the directors must also confirm and state that a satisfactory system of financial control has been maintained. Unless the accounting reference date is changed and notified to Companies House the first financial year end will be the accounting reference date which is the last day of the month 12 months after the date of incorporation or within 7 days of this date. The company accounts have to be made up to this date. The company accounts year end date can be changed by the company only if application is made to notify that change before the notified filing date for the accounts. Article Source: http://www.articlekingpro.com Terry Cartwright, a Chartered Company Secretary, provides inexpensive company formation packs for clients who are Forming a Company which includes a set of Statutory Books and blank Share Certificates assisting many individuals starting a limited company Please Rate this Article Not yet Rated Click the XML Icon Above to Receive Corporate Articles Via RSS! 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