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clayts's Avatar clayts clayts is offline
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Join Date: Apr 2003
Location: London
Posts: 188
Setting Up New Business

Hello People,

I need some advise about the best way to setup a company. There are four of us who are going into a venture together and we will all be putting in the same capital etc.

We want to setup the company as LTD (PLC) and will decide on the directors/company secratary ourselves but we are not sure the best way of setting it up in a quick and not too expensive manner. The business will be a PURELY online business. I understand that there are many online companys that do quick formations... what do you think of these? Any advice on which ones to look at?

Many thanks,

Chris
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urban1 urban1 is offline
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Join Date: Jul 2005
Posts: 128
I used Nationwide Corporate services, they were fast, efficient and provided a quality service. My LTD company also has 4 members. We are all directors. One director is the company secretary. I think that using a formations company is the best way to become ltd. I know I paid less than others who I know used solicitors or accountants etc.
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Play!! Play!! is offline
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Join Date: May 2005
Location: Wonderland
Posts: 1,399
Using professionals will probably save you money in the long run and they do offer sound advice. People think that accountants are expensive but they arnt really, considering the expertise they give.
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adycooney adycooney is offline
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Join Date: Sep 2005
Location: Keighley, W.Yorks
Posts: 201
I compleyely agree with Play!!

Spending a bit more at the outset could save you a lot of time and effort. I have poseted this link in the past http://services.uk-plc.net/ this is who I used to form my company, all went thorugh in 5 days.

Good luck
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James Smith's Avatar James Smith James Smith is offline
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Join Date: Mar 2003
Location: Abingdon, Oxfordshire
Posts: 2,044
Chris,

For a pure formation service pretty much any of the on-line companies will do a 'standard table' formation which is fine for most small start-ups. Target price 35+VAT or less. This assumes of course you take proper advice about how to set the company up in the first plan and more importantly how to run it when you have it - formation itself is purely a mechanical exercise, the hard bit is how you form it (in terms of particpants, no. of shares etc) , and then what you do with the company when you get it. I spend a lot of time on he later with clients, although 90% of them do their own formation after some initial guidance.

In your circumstances however you may want to specify more how the company will operate within the articles and memorandum of association. Ie the "standard table" decision making rules may not be the ones you want to follow within your company. As with any group of people involved in a business having a good partnership agreement is absolutely vital to your success to ensure you are all in agreement upfront about how things will operate. It is amazing how much people will hear what they want to hear in a meeting, and unless it is documented you may be starting with differing expectations which ultimately can lead to problems down the line. Therefore I wouldnt recommend you go straight for a simple formation, I would look to get some proper legal advice about incorporation your partnership agreement within the company tables, to cover issues such as decision making, what blocking agreements and the all important exit options.

You should also note your company wont be a PLC, this basically means you are listed on the stock market.

Regards,
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clayts's Avatar clayts clayts is offline
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Join Date: Apr 2003
Location: London
Posts: 188
Cheers Guys, James I have your information and may contact you in the next week or so directly to speak further.

Hasta Luego
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BMS BMS is offline
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Join Date: Oct 2005
Location: South Wales
Posts: 8
Hi

Try Richard Osborne at WWW.Quickformations.co.uk..

He is very experienced at company formation.
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