Kindly do reply, a great article by the way! Regards, Saurabh Singhania. Thank you for your kind comments. You can see if a name is available using the company name checker on our home page — this checks to ensure your name is unique against all companies already registered. Unfortunately, an LLP cannot be converted into a private limited company as these are entirely different corporate structures. An alternative is to change the name of your LLP to a placeholder name, and then to incorporate a new private limited company under the old name.
Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Post comment. Skip to content. The QCF blog. Search blog: Search:. How long does it take to set up a limited company? When is the best time to set up a limited company? There are several steps involved in forming a limited company, including deciding whether to register the business yourself or use a specialist formation company; deciding on the company officers; choosing a company name and filing registration documents with Companies House.
There are some rules that restrict the types of name you can use for your business. Check the government guide to the rules on choosing a company name. Whichever name you choose it must end in either Ltd or Limited. You can use a different business name to the registered company name as long as it is not the same as an existing trademark or contains a sensitive word.
All limited companies must have at least one company officer who is responsible for the business at all times. Private limited companies need to have at least one company director too — usually the person starting and running the limited company — while public limited companies that have publicly traded shares need at least two directors and a company secretary.
Your Contractor Advice Line If you are thinking about making the move from permanent to contracting and setting up your own limited company , then there will be a small amount of paperwork that needs to be done to inform HM Revenue and Customs HMRC of your new trading status.
This article will help dispel the myths and help you understand what is expected of you and most importantly when by, the last thing you want to be doing is facing a pesky fine, just as you start. The first thing to do is probably to speak to an accountant and make sure that working through a limited company is the most tax-efficient way of operating for you.
Our limited versus umbrella guide might be worth a quick read. Ideally, you should have your company bank account set up as quickly as possible in order to avoid using your personal bank account for business purchases. Although these expenses can be claimed back it makes it a little easier to purchase business goods through your business bank account. Whilst there are no real legalities as to how much time you have to set up your limited company after you have begun trading, it is recommended that you should have registered at least six months before the new tax year April.
A company is considered active when it is carrying out the following:. However, if you register your new company and decide you do not wish to trade until a later date, you must inform HMRC within 3 months of any business activity. Once you have formally set up your limited company or registered as being a sole trader with Companies House you can commence trading. Companies House will then inform HMRC and you can expect to receive documentation to your registered office address informing you of the next steps.
If you have started a business without registering and setting up a limited company, then you are effectively a sole trader whether you intended to be or not. You are then legally required to inform HMRC when you started the business and could face fines for failing to do so earlier. Though not forming a limited company you are personally liable for any business debts , meaning that if you were to form a limited company, for example, any business debts would be attached to the limited company and not yourself.
Firstly, the most important thing to do is pick a company name. However, you do need to make sure it is available, you can do this through the Companies House name availability checker.
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