What is Company Formation?

What is Company Formation?

There are many ways to set up in business. Some may choose to buy a company and others to set up from scratch. Choosing the most appropriate trading method for you depends upon what you are seeking and, therefore, having a business set up to match your needs may be a wiser choice in the long run. Yorkshire Accountancy can help you on all these matters to do with company formation.

Companies exist in many forms. There are limited companies, public limited companies, limited liability partnerships and offshore companies. Therefore, understanding the differences and getting some impartial and expert help on what each option has to offer is vital before opting for any one.

Many organisations now provide such assistance and can provide help in the areas of company directorships, secretarial duties and appointments and the issue and subscription for shares.

For a limited company status, there is also a deal of formal paperwork to be completed and submitted to Companies House. Getting this paperwork completed and submitted in a timely manner is, to many, an unfamiliar administrative burden.

As a company has its own legal identity it needs to have a formal registered office with officers appointed by shareholders to manage the day to day affairs. Since formal paperwork is sent to the registered office address it can be wise for small businesses to utilise their legal or accountancy services provider to perform this role. That ensures that no formal paperwork can go astray in the general hubbub of running a small business. For this reason, many small businesses also appoint their legal or financial advisors as their company secretary and enlist their help in setting up bank accounts, payroll services and VAT returns.

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