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downoutdoorstore downoutdoorstore is offline
Guru
Join Date: Oct 2006
Location: In the office or on the Beach Usually
Posts: 144
Can I setup my Ltd company now?

Im not trading till next year but want to setup my compnay now as it will help with attracting suppliers?

Can this be done and if so what do I need to do?

Thanks
Michael.
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silverleaf silverleaf is offline
Entrepreneur
Join Date: Mar 2007
Location: Aberdeen
Posts: 27
You can set up a company if you want but generally it probably wont make that much difference.

Firstly, suppliers like to have a credit history on your company for favourable pricing etc. They could also look you up on companies house and realise that you haven't done anything.

All i'm saying is save the money and hassle and speak to suppliers in the time between now and then to build a relationship.

That has a much better chance of working.

Just my opinion as every market is different.

Cheers

Alex
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adycooney adycooney is offline
Connector
Join Date: Sep 2005
Location: Keighley, W.Yorks
Posts: 201
I set up in this way, however, come year end, my accontants asked me to stump up for the first 6 months fees.

I am not sure if this is standard for accountants, however, they said I had to pay for the full years service, even though for 6 months I did not use them. (I should have read the T&C's a little closer).

That said, having everything in place made it easier once I started trading.
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RevoInternet RevoInternet is offline
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Join Date: Nov 2006
Location: Sheffield, UK
Posts: 122
You can register as a dormant company first. With this, you reserve the name for your company. It may also help you when you want to apply for a merchant account. The only hassle is you still need to prepare profit and loss account.
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