Who needs a Company?
If you are launching into the world of business, even maybe a semi-professional hobby providing personal services, or perhaps making craft goods in a workshop, you really are best to have a limited company.
There are some big reasons for this:-
A limited company is 'legal person', so it separates your personal assets from your business assets. Once it has sales of £1bn, you can flog it to one of those Private Equity firms littering the business world.
If something goes wrong with a product it stays with the company
e.g. you're making some small piece of software that customers download and install on their computers. Unfortunately there's a bug in the code you wrote, and 10,000 users find their Operating System grinds to a halt after they install it, and they all have to reinstall Windows 24 to get rid of the problem, so they sue for their losses. Despite the fact that your little product was only 9.99 a copy, some furious people could be demanding massive sums in compensation. It's vital your personal assets are shielded from such unforeseen liability. It's a fallacy to say your liability is limited to making a 9.99 refund.
There are rare exceptions to the Corporate Veil, and we can advise you how to avoid those pitfalls.
Mike Lynch should have talked to us before he sold Autonomy to HP
Compared to other world jurisdictions, the UK (England & Wales) leads the pack for ease of administration, procedures, admin costs, rules, compliance. Even our Corporation Tax rate of around 20% is a 'good deal'.
When you get your company through Abell Morliss, you are dealing with a fully regulated firm of chartered accountants subject to professional standards. We are happy to supply references for our services if required, but in the meantime please see below some of our services we provide.
What you get from Abell Morliss:
Our formation service is genuinely tuned to supply the service that you think you are paying for when you pay the fee, but are so often disappointed by.
Remember when you buy from us you are dealing direct with chartered accountants.
What do we do for you?
All formations are carried out by ourselves – no agents !!
Memorandum & Articles of Association can be modified from Companies Act default if needed
Initial Share Capital is customized for your requirements as part of our service
Minimum director number is one, but we can make it more
After you receive the company from us we do NOT abandon you,
-we deal with issuing some shares to you – usual number is £100 nominal value.
-You need to be appointed director of the company, and we do all the forms for you and notify Companies House
In order to actually use your company it will need:-
registering for VAT,
Did you know the default setting for HMRC is to refuse all VAT registrations, underpinned by a computer system that sometimes squirts out a number in days, or sometimes asks so many questions you would think it was GCHQ looking at the application. Can you do it online? -hahaha
PAYE scheme set up, - really easy
and a bank account. - really hard
probably a website - you do this
probably emails and telephone - you can do this
an address - you can use us.
This keeps company stuff away from your personal address
did you know that if you're using us, that your home address doesn't need to show at companies house?
None of this is rocket science but you would be amazed what a mess clients get into when they do this themselves – all due to the stupid procedures the various bodies have that you need to deal with. Why learn it all yourself for a single event when we do it all the time and know the pitfalls already? You would not believe how stupid, unhelpful, irritating, teeeeedious all UK banks are until you try and open a bank account for a new limited company - nit-picking fussy, unhelpful and taking aeons to answer the phone- and that's when they're in a good mood.
REMEMBER. Any limited company even with only one director, but trading doing anything, needs el/pl cover, and quite often PI cover. One insurer many of our clients use, and are very pleased with, is insurers Trafalgar Risk Management. They cover all sorts of businesses/trades.
For more general business insurance requirements we recommend our own insurers, Harrington Miller tel: 01279 876600. Mention Abell Morliss and they might even look kindly upon a discount.
Once you have made the astute decision to purchase from us THINK about your needs – do you need the company quickly? If so then take the premium service, and use it same day. If you hate the name later then we can change it very quickly for you. Our companies are all of course unsullied by any prior use and come with our guarantee they are clean and fresh. There are reasons why you need an older company sometimes, and we usually have some available for an extra cost.
If time is no object then ask us to help you choose a name to reflect your serious entrepreneurial status, and allow us just a few days to get your spanking new company formed for you
If you are based overseas we can still help you, but sadly our language capabilities are restricted to Essex English or shouting louder. [Or Latvian, French, Dutch, Spanish, Albanian, Italian, Russian most days.]
We do have affiliates in Guernsey, Australia, Belgium and Germany so please ask for details.
FEES are detailed below:-
Purchase of a company from Abell Morliss
Order by 12.00 for formation next working day !!
Overseas purchase e.g. Foreign-resident directors/shareholders
Limited company change of name – requires new Articles etc.
NB. All fees include UK VAT where applicable
how to make payments ? – Credit Card, PayPal or bank transfer or cash !!
Do you want us to form the company, and you pay us later? no chance.
Email at abell AT chartered.org
128 Cannon Workshops, Cannon Drive, Canary Wharf, London, E14 4AS
Anti money-laundering advice - all applications will need a photo id, and two proofs of personal address for you. If you don't have these, we can still go ahead, but you will need to discuss the special procedures we then have to follow.
Our keyboards can't type NO !