General Cleaning Issues - Floorcare, car valeting, buying and selling businesses, pricing, staffing, market research, etc.
i want to become limited can anyone help
Posted by tracey (tracey), 21 November 2003can anyone tell me were to get all the correct forms to become limited
Posted by DP (DP), 21 November 2003Hi
The best way to do this is via your accountant, they normally carry all the forms along with the Liabilities books etc. alternatively you can just type the words "Company Formations" in a search engine ie MSN- Googles etc and there are loads out there that state they can do it the same day.
I would recommend that you get the pamphlets etc from Companies House first to make sure you understand your liabilities as they are quite stiff now,
Companies house are on the web.
Posted by Fintan_Coll (Fintan_Coll), 23 November 2003Yes, your Accountant or perhaps Solicitor. Better always to get professional advice on something like that.
Posted by Ian_G. (Ian_G.), 24 November 2003You could look in Exchange and Mart.
However the first two posts offer the best solution
Posted by Scots_cleaner (Scots_cleaner), 28 November 2003
My advise is dont do it i did last year worst thing i ever did unless you have a turnover of 250k.
Acountants charge you a f
Posted by petra (petra), 2 December 2003There is another thing similar to a limited company.. easier .but can't remember what its call..will dig out the info and post in the next day or so
Posted by ALEXDH (ALEXDH), 2 December 2003to be honest i see little point in being limited for a small setup.
I may be wrong but it means you need at least one director.
Another as company secretary.
If it all goes titty up you liability is limited but if you are not making huge asset buys whats the risk anyway.
You rope youself into things i beleive like having to run the business in certain ways i think health and safety can be viewed a little differently too.
It has been a while since i looked into it but if you go to companies house website i believe you can get a pack sent to you.
Here is a couple of cut and pasted info's
Limited Liability Partnerships
A Limited Liability Partnership (LLP) shares many of the features of a normal partnership - but it also offers reduced personal responsibility for business debts.
Unlike members of ordinary partnerships, the LLP itself is responsible for any debts that it runs up, not the individual partners.
The guides below will give you a brief overview of how to register as a Limited Liability Partnership. You'll also find a Checklist to help you make sure that you've done everything needed to put your LLP on a proper legal footing.
Limited companies: the basics
1. Do I really need a limited company?
The majority of businesses are not companies. The reasons for having a company are varied, for example, it could involve ownership of property, obtaining investment funds, taxation or contractual relationships. Many businesses function satisfactorily as sole traders or partnerships.
The key point to recognise is that a company is a separate entity.
This means that it is a legal person in its own right.
It is separate from those who own or run it, and has 'limited liability'.
2. What does limited liability mean?
Limited liability gives the owners of the company (its shareholders) protection if the company fails.
This means that if a company is put into liquidation, the people who own the company will only be required to pay what they have already paid or agreed to pay towards settling its debts.
3. How do I set up a limited company?
If you decide, maybe after taking professional advice, that a limited company is the best thing for your business, you can buy a ready-made company from a company incorporation agent. Alternatively, you can incorporate a company yourself - for details see our booklets, 'Company Formations' and 'Company Names'.
Posted by Ian_G. (Ian_G.), 4 December 2003Alex,
If you land several cleaning contracts with companies you are increasing your risk each time you take one on,
If they go belly up the same could happen to you.
Ive seen it happen to several cleaning companies in this area,
Posted by Musicman (Musicman), 4 December 2003Ian-G, have I mis-understood what you are trying to say to Alex?
Surely the more contracts you take on, the more you are spreading the risk - not the other way round. And why would you go into business and not look to increase your customer base.
Sorry mate but I can't get my head round what you are saying, and I can't see Alex's original comment relating to your post. Have you got the right topic?
Alex, you only need one to have one Director, the Company Secretary can be anyone you nominate and who agrees to it. They do not need to be a shareholder.
If you are running a small operation there may be little reason for going limited except for protection of the company name. However, the way that limited businesses are taxed is different from that of a sole trader.
Tracey, as DP and Fintan_Coll advise, see an accountant, they will be able to get you the forms and fill them in for you AND advise you the best way to proceed.
This page is a thread posted to the cleanitup forum at www.cleanitup.co.uk and archived here for reference. To jump to the archive index please follow this link.