Starting a Ltd company


D

dilbert

Hello, I am currently operating as a sole proprietor with a successful
business with which I currently have a very hands-on role. I do my own VAT
and employee payroll but have an accountant to do my yearly accounts and tax
return.

I am looking to start a new business in a different sector in what I believe
could be a nice little niche, the business concerned has relatively low
start-up costs and I have no desperate need for it to be an immediate
success as I intend to keep my existing business running. I have seen a
company name that I believe is ideal (and is available) and I think I would
like to register it (Ltd Co.) to protect my future business, sometimes the
right name can add sales as you are aware.

Now to the point of my post :- I would like to keep all costs down to a
minimum and would prefer to register and run the company myself without
paying for professional accounting, at least until the business is making
enough profit to justify it. I will be the sole director and can supply a
company secretary, if advisable.
What is the least expensive way of registering a company and is it even
advisable to DIY?
Is there any requirement to have a business bank account, are there any
other requirements that may not be immediately obvious?
Is there an online resource that may help me? Something like Dummies guide
to Ltd Companies would be ideal.
If the activity of the company is minimal and I intend to draw no wages will
the paperwork side and returns be manageable? A Dummies guide to this would
also be useful.

I am a realist so if DIY is really not advisable then what are the cheapest
ways of having the company set up by professionals and what would the
cheapest annual running costs be?

Thanks for any help and feel free to sell your services to my unmunged email
if you feel that they would be beneficial.

DW
 
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P

Peter Saxton

Hello, I am currently operating as a sole proprietor with a successful
business with which I currently have a very hands-on role. I do my own VAT
and employee payroll but have an accountant to do my yearly accounts andtax
return.

I am looking to start a new business in a different sector in what I believe
could be a nice little niche, the business concerned has relatively low
start-up costs and I have no desperate need for it to be an immediate
success as I intend to keep my existing business running. I have seen a
company name that I believe is ideal (and is available) and I think I would
like to register it (Ltd Co.) to protect my future business, sometimes the
right name can add sales as you are aware.

Now to the point of my post :- I would like to keep all costs down to a
minimum and would prefer to register and run the company myself without
paying for professional accounting, at least until the business is making
enough profit to justify it. I will be the sole director and can supply a
company secretary, if advisable.
What is the least expensive way of registering a company and is it even
advisable to DIY?
Is there any requirement to have a business bank account, are there any
other requirements that may not be immediately obvious?
Is there an online resource that may help me? Something like Dummies guide
to Ltd Companies would be ideal.
If the activity of the company is minimal and I intend to draw no wages will
the paperwork side and returns be manageable? A Dummies guide to this would
also be useful.

I am a realist so if DIY is really not advisable then what are the cheapest
ways of having the company set up by professionals and what would the
cheapest annual running costs be?

Thanks for any help and feel free to sell your services to my unmunged email
if you feel that they would be beneficial.

DW
Just go to Companies House web site and find out about registering a
company. You can do it yourself easily.

www.companieshouse.co.uk

You don't need a bank account yet.

You'd need to prepare accounts.

Why don't you ask your accountant?
 
P

Peter Saxton

Hello, I am currently operating as a sole proprietor with a successful
business with which I currently have a very hands-on role. I do my own VAT
and employee payroll but have an accountant to do my yearly accounts andtax
return.

I am looking to start a new business in a different sector in what I believe
could be a nice little niche, the business concerned has relatively low
start-up costs and I have no desperate need for it to be an immediate
success as I intend to keep my existing business running. I have seen a
company name that I believe is ideal (and is available) and I think I would
like to register it (Ltd Co.) to protect my future business, sometimes the
right name can add sales as you are aware.

Now to the point of my post :- I would like to keep all costs down to a
minimum and would prefer to register and run the company myself without
paying for professional accounting, at least until the business is making
enough profit to justify it. I will be the sole director and can supply a
company secretary, if advisable.
What is the least expensive way of registering a company and is it even
advisable to DIY?
Is there any requirement to have a business bank account, are there any
other requirements that may not be immediately obvious?
Is there an online resource that may help me? Something like Dummies guide
to Ltd Companies would be ideal.
If the activity of the company is minimal and I intend to draw no wages will
the paperwork side and returns be manageable? A Dummies guide to this would
also be useful.

I am a realist so if DIY is really not advisable then what are the cheapest
ways of having the company set up by professionals and what would the
cheapest annual running costs be?

Thanks for any help and feel free to sell your services to my unmunged email
if you feel that they would be beneficial.

DW
I wouldn't advise someone without experience to do statutory accounts.
It shouldn't be expensive if you do the day to day bookkeeping. If you
can't afford to pay for accounts being prepared I would leave the
company dormant and do business as a sole trader for now.
 
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A

Alan Terry

dilbert <dilbert_wadgmoY said:
I have seen a
company name that I believe is ideal (and is available) and I think I would
like to register it (Ltd Co.) to protect my future business, sometimes the
right name can add sales as you are aware.
As an aside, have you considered getting an appropriate domain name for
the business too?

I have a client who set up his company with a business name, then found
he had to compromised greatly on his choice of domain name for his
website.

Worth thinking about them at the same time.
 

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