How to: Set up your own company. Simple step-by-step process.
Updated: Aug 15, 2019
Do you want to start making money online but you haven't formed a company yet? No problem, we can help you create a business using the simple steps below..
If you're anything like me, I had no idea of how to start and register my own business. I thought it was going to be extremely long winded, confusing and hard work but after doing this a few times now, I have realised that it's really not!
I am going to show you step-by-step the easiest and quickest way to register your limited company.
You will need to do this whether you want to sell products or services offline or online and this is a legitimate way to register a company.
(This information is to set up a Limited Company. When setting up a company there are a number of different options available to you. If you are unsure of which company is right for you, head to the bottom of this post to find out a bit more about all of the available options)
Firstly, you need to decide on a company name. Once you have at least 1 company name in mind you then need to make sure that the name is actually available. If you are based in the UK this can be done through "Companies House" OR to make things easier you can also do this through the website that I am going to recommend using as they use the services of companies house.
What is Companies House? Companies House is a government organisation with the UK. So if you are not based in the UK you will need to check where you have to register your company name that you have just thought of.
If you are not UK based, you can still use the website mentioned below so just click the link and head straight there!
OK, so once you have checked that your company name is all good to use, the next step is to go to www.companiesmadesimple.com (it does what it says on the tin!)
Once on the website you will be asked to "Enter your ideal company name"
Now that you have been given the go ahead with you new company name you will be given the following options.
Now, obviously this part is entirely up to you and what kind of business you need however the "Privacy" option is recommended. But do take a look at the options in more detail to see exactly what is included with each of the options.
Now check to see if there are any extras that you might need and add them to your basket..
Click "Continue to checkout" and make the payment, you will then be showed the below page BUT... Hold your horses, your company is not registered just yet.
Click "Complete my registration" to, erm...complete your registration 😁
You will then be asked for any additional services such as mail forwarding, a company bank account etc..
TIP: We recommend the share class as ordinary and number of shares = 1 value of shares =1
IMPORTANT: You will need to register People with significant control (PSC) – It is criminal offence without it. And we recommend storing your PSC register with Companies Made Simple as it is.... Simple.
FINAL STEPS: We recommend using standard memorandum and articles unless you have your own or are going to get your own.
Your company is then usually incorporated within a day however sometimes it can take longer.. You will receive an email to confirm incorporation!
Within the email it will have login details and a password they made up for you, we recommend clicking the link to change the password to something you will remember.
There you have it, you now have your very own company! Now go and build a sustainable business!
Unsure which company type you need? Limited company? Sole trader? etc... Then read the below:
When it comes to forming a company, there are a few options available to you. The type of company you choose will be dependent on the nature of the business you intend to carry out, for instance if you intend to own the company alone (a ‘sole’ trader) or if you intend to hire employees or set up a non- profit organisation.
Limited Company: Under a limited company structure, the company is owned by its shareholders and your company and personal finances are kept separate (unlike a sole trader structure). A private limited company cannot offer shares for sale on the stock market, whereas a public limited company can.
Sole Trader: Working as a sole trader, you are not required by law to have annual accounts or to file accounts for inspection. However, unlike a company limited by shares where directors and shareholders have limited liability, your personal liability is unlimited.
Limited by Guarantee: A company limited by guarantee is mainly used for non-profit organisations, such as sports associations, students’ unions, charities, membership clubs and non-governmental organisations(NGOs). Rather than share capital and shareholders, a limited by guarantee company has members who act as guarantors.
Limited Liability Partnership(LLP): An LLP is a partnership with limited liability for its members. It has the flexibility of a partnership and is taxed as partnership, but in other respects it is similar to a private company. Whilst a limited company and sole tradership tend to be the most popular options, there are advantages and disadvantages to each.
Disclaimer: All of the above is for information purposes only and we take no responsibility or liability for any actions taken by the reader. We highly recommend that you seek professional advice.
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