Reply to: Some advice to get me started

[Goya]

Of course, but most people spend ages trying to come up with the "perfect" name for theirco and then find at the last minute that they have wasted the 2 months that they really should have used doing other, more productive things....like opening a bank account quick so that they could get paid

I should know, I've been there.

You'll also think up a better name shortly after completing all the co setup steps.

[Gros]

I get it now.

You can't actually register online, all you can do is download the documents from them. Then you still have to purchase some extra documents which need to be signed by a formation agent, sent the lot off together, and pay companies house.

So I guess you're all correct - I'll just get someone to do it all for me!

[swissmike]

I have used this company to setup a couple of Ltd companies and have had no probs with them. All straightforward, cheap enough and can print forms off online etc....

http://www.formationshouse.com/company_formation.htm

I'm lucky in the fact that my gf is a chartered accountant, which helps!

[TheFaQQer]

It's been said before, but I'll say it again - get an accountant to do it for you. I have no experience of registering / setting up a company, sorting out memoranda of association etc. etc. so that's what I pay a professional to do!

I would hold off on the VAT registration (if you can) unless you are billing lots or have expenses at the moment. During your first year of VAT registration, if you are on the flat rate scheme, you get an extra 1% discount, but it's only in that first year of VAT registration.

You'll also need a certified copy (or original) certificate of incorporation to get the bank account.

Faqqer

[Gros]

I'm starting to wonder whether I'm intelligent enough to run my own company...

Is it just me, or is the Companies House website a minefield?? I can't actually work out how to file my company online. I've read and re-read all these faq pages, looked at the electronic filing pages, and just seem to be going round in circles. The one time I find somewhere where I can register for an account, it asks for my company details :-/

Anyone know?!

[XLMonkey]

Yeah, but surely I'll need the company name to start the bank account!

Of course, but most people spend ages trying to come up with the "perfect" name for theirco and then find at the last minute that they have wasted the 2 months that they really should have used doing other, more productive things....like opening a bank account quick so that they could get paid

I should know, I've been there.

[Gros]

Therefore, spend little time worrying about your company name, spend more time sorting out the bank account application and chasing them up to make sure they do all the credit checking pdq.

Yeah, but surely I'll need the company name to start the bank account!

[XLMonkey]

I won't have an accountant for sometime yet, I just want the company setup so that my partner has something to bill against. I will be starting properly in March, so will appoint an accountant then.

Sounds pretty simple to do myself online - just got to think of a name, which is proving to be the most difficult thing!

and a word to the wise... setting up a company is v. easy and quick. setting up a company bank account is not - it will take anything from 4 weeks to 2 months. You will not be able to get paid until it is set up. This will muck up your cashflow.

Therefore, spend little time worrying about your company name, spend more time sorting out the bank account application and chasing them up to make sure they do all the credit checking pdq.

[Cowboy Bob]

I won't have an accountant for sometime yet, I just want the company setup so that my partner has something to bill against. I will be starting properly in March, so will appoint an accountant then.

Sounds pretty simple to do myself online - just got to think of a name, which is proving to be the most difficult thing!

I recommend getting an accountant before setting up the company. You only need to pay them for their services rendered, you don't pay a retainer.

Remember that once your company is set up, even if it's not earning anything at all, there will be accounts to do. Some of the stuff you fill in has to be completed even if you just write £0.00 in all the boxes.

[Gros]

I won't have an accountant for sometime yet, I just want the company setup so that my partner has something to bill against. I will be starting properly in March, so will appoint an accountant then.

Sounds pretty simple to do myself online - just got to think of a name, which is proving to be the most difficult thing!

[DaveB]

You can do it online or you can get an accountant to do it for you or do it via the PCG since you are going to join them anyway - unless your a brain dead imbecile of course.

Normally takes 20 mins to do online and a week for the paperwork to come through.

VAT registration takes longer and is a bit of a lottery based on where in the country you are.

[Cowboy Bob]

Hello again all, just a quick question.

I think I've done all the groundwork and am ready to set up the company.

Can I do the whole thing online? How much time would I need to set aside for doing so? I don't want to start it, then find out it takes ages and not complete it!

Thanks.

Just pay an accountant to do it. Much easier. Will cost you about £100 and be done in a couple of days.

[Gros]

Hello again all, just a quick question.

I think I've done all the groundwork and am ready to set up the company.

Can I do the whole thing online? How much time would I need to set aside for doing so? I don't want to start it, then find out it takes ages and not complete it!

Thanks.

[Sockpuppet]

Why? Dividends are paid to shareholders, not directors. A director doesn't have to be a shareholder and a shareholder doesn't have to be a director.

Thats what I said....just my...errrr.....speech recognition software wasnt working correctly...



Phew....good save.

[TheFaQQer]

I made an enquiry with my accountant about exactly this issue - and his response was that it was not a good way to do it. In the end my requirement to do it disappeared, so I didn't pursue it, but it might be worth speaking to an accountant for advice.

I guess it depends on your accountant on what they advise. I am MD of my company, which provides IT consultancy services and also handmade cards and wedding stationery! I do the IT, my wife does the cards - although she isn't a shareholder, while she builds up her side of the business. She does draw the same salary as I do though.