Setting up a company

[tomd]

I want to set up a Ltd company. As far as I know I just need to send in an IN01, memorandum of association and articles of association.

Can I just use the model articles from the Companies house website? Do they need editing to add the company name?

Where would I get example text for a memorandum of association?

Is it worth using one of the £24.99 online outfits to do this? Any recomendations or downsides?

Finally, is there any problem getting a business bank account in the curent climate. I am not looking for a loan or even an overdraft, just an account so the business can accept payments.

 

[traxor]

Finally, is there any problem getting a business bank account in the curent climate. I am not looking for a loan or even an overdraft, just an account so the business can accept payments.

I can only answer the last part of your post.

You'll be absolutely fine getting a business bank account. For the time being it might be worth getting an Abbey (soon to be called Santander like the main company) account, which offers lifetime free banking.

It's a common misconception that you need business plans etc to set up a business account. You'll just need some identification and a business card or letterhead to prove the name of your business when you go to the meeting to set it all up.

 

[Brisheff]

I want to set up a Ltd company. As far as I know I just need to send in an IN01, memorandum of association and articles of association.

Can I just use the model articles from the Companies house website? Do they need editing to add the company name?

Where would I get example text for a memorandum of association?

Is it worth using one of the £24.99 online outfits to do this? Any recomendations or downsides?

Finally, is there any problem getting a business bank account in the curent climate. I am not looking for a loan or even an overdraft, just an account so the business can accept payments.

Hi there,

I recently had my business name registered at companies house as a limited company, the whole process was very straightforward it was all carried out online. I got an accountant to do it all for me, the total cost came to 30 pounds. I had no memorandum of association to return to companies house or anything to sign.

As for the bank account, unless you already have finance pouring into your business the banks won't entertain you. They'll advice you to wait until you receive either a payment for work carried out or a loan/grant etc. before opening a bank account.

 

[traxor]

As for the bank account, unless you already have finance pouring into your business the banks won't entertain you. They'll advice you to wait until you receive either a payment for work carried out or a loan/grant etc. before opening a bank account.

I'll disagree here. Clients/customers will feel much more comfortable paying a business money than an individual. The majority of banks will give you the account and let you use it as and when you need it. My business account was sitting there empty until I finally started to use it this September.

 

[FreelanceSoftwareDeveloper]

traxor is correct, you can get a business bank account without overdraft facilities easily. No need for business plans just apply online and they will phone you to complete.

To register a company, it will cost I think £15 to do this directly so for the sake of an extra £10 I found an online formation company very convenient, helps avoid errors if you try and complete the forms on your own not really understanding the process.

 

[mahutchinson]

Bank account is almost always set up immediately on incoporation if not prepared beforehand. As most payments are by transfer these days it would be impossble to pay the company until this was in place !

 

[VeryMark]

...... and don't forget to check your proposed business or company name for any risk of trade mark infringment - see our factsheet Choosing A New Name or Identity for example.

You need to do this because an existing registration at Companies House only prevents registration there of the same name as a limited company or limited partnership, whereas trade mark registration provides a monoply over the actual use of any confusingly similar brand name, business name, company name, shop name, domain name, website name, or any other confusingly similar name or identity used in any kind of commercial activity.