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Steadfast Guide to Set up your Limited Company

Updated: Jan 5

Easy 7 Step by Step Business Help

We help you to set up a limited company, appoint directors and shareholders or guarantors, and register for tax. this 7 step guide is here for your information. We encourage you to contact us directly and take you through the whole process.

Step1: Check if setting up a limited company is right for you.

How you set up your business depends on what sort of work you do. It can also affect the way you pay tax and get funding.

Check these other links below and see if you feel that you maybe should set up as one of the following instead:

"Don't forget, you can always give us a call if you'd like our help and to chat about the pros and cons which should help you decide. 01325 313380

Step2: Picking a name. "so many people sweat over this, it will be the name that you invoice under and is important it stands the test of time". We are happy to help you with this and talk about mapping out the business and its future years.

Step3: Choose directors and a company secretary.

You must appoint a director [at least one] but you do not have to appoint a company secretary, this is a little old school these days.

Step 4: Decide who the shareholders or guarantors are.

You'll also need at least one shareholder or guarantor, who can be a director. if you're going alone we recommend 100 shares. This can also be a 50 to 50 split to each if you bring in a second director later down the line.

Identify people with significant control (PSC) over your company

For example, anyone with voting rights or more than 25% of the shares.

Step5: Prepare documents agreeing how to run your company.

You need to prepare a 'memorandum of association' and 'articles of association'.

Step6: Check what records you'll need to keep.

Your accountant should keep you right with this. We always have our client dates in our personalised program for your business. This ensures you're well prepared with records and ready for the year end. for more details you can contact us at anytime.

Step7: Register your company.

You'll need to register an official address and choose a SIC code - this identifies what your company does.

Most people can register for Corporation Tax at the same time as registering with Companies House.

If you cannot, register separately with HM Revenue and Customs (HMRC) after you’ve registered your company with Companies House.

That's basically all of the things you'll need for setting up as a limited company. In most situations clients either get in contact with us and we look after everything or sometimes, and this maybe you! youve maybe already set up a limited company and not used it or traded yet. this isn's an issue and we can still help you get sorted and assist with getting you a payroll and banking all sorted.

Steadfast Accountancy and Business Help

32 Pinewood Close

Newton Aycliffe



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