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What To Know About Company Formation

Date Added: February 20, 2010 04:15:53 PM
Author: Administrator
Category: Paralegals

What To Know About Company Formation

Author: Dmytro Fedosyeyev

Company formation in the UK should be an easy and quick process, whether you are an individual who wants to form a company or you are an accountant whose daily work includes company formation. There are several company formation agents in the UK to help you. So forming your own company should not be a thing to worry about. Most of these agents are companies themselves, which provide formation services in the UK.

If you want company formation in the UK, it is not necessarily require that you contact the registration agents as most of them have systems, which allow an individual to complete the whole process of company registration through the internet. These company formation agents make use of the company's databases like the name search list in order to come up with a name that is not similar to an existing one. When they do this, they will be able to return the results to the individual forming the company within some few seconds and thus will allow the user to go on with the incorporation.

Once this is completed, it will than be returned to Companies House for verification and eventual approval and then sent back to the customer through the company formation agent. The whole process of company formation takes only some few days and it is even possible to complete the whole process within the working days. Company formation in the UK covers three areas namely: Companies limited by shares, Companies limited by guarantees, and UK public limited companies.

UK partnership companies limited by shares are the ones that take most of the formation applications in the country. UK partnership companies are for profit types of companies which carry out some business or trade with the main aim of getting profit. Many shareholders have opted for UK partnership companies. Companies limited by shares are kinds of companies which are used by individuals when they want to protect the name of a certain incorporated business. Another type is the companies that are limited by guarantees. These are generally not for profit companies and thus are exempted from tax partnership in the UK. Among the companies limited by guarantee, include clubs, charities and associations.

UK limited companies are larger business entities and some of these companies are listed in e stock exchange. Public limited companies are generally profit making companies and are required to pay tax to the government. It is not necessary that a public limited company is listed in the stock exchange but if the shareholders wish to list the company on the stock exchange, they are free to do so. This will allow any interested party to look at the progress of the company and if he so wishes to buy shares, he is free to do so.

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It is necessary that you become aware of a few basics before forming a
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