Start up procedure - Private Limited company
Based on our decision to operate from a private limited company I looked on the government website companies house for supporting business's and for following start up procedures.
Particularly helpful was the available method of registering our company online, the website gave us a full run down on all the aspects needed for starting a company in great detail helping us cover all areas to avoid making any legal mistakes.
Director and Secretary would be me and joe so these would be the main details supplied for "Officer details", the share holders will be information on all 4 of us.
Its good that you can do all this online saving the hassle and costs of hiring specialist parties like accountants to sort it all out, with companie house guidance lots of these middle men can be skipped out saving us on initial start costs. And at £15 to start our business it isn't exactly expensive either.
Another important factor John pointed out was the tax returns and the account holding, Joe would be in charge of most of this if we didn't have an accountant as he has good numerical skills. Its important to pay these taxes or their can be fines and penalties, certain purchases through the business can be reclaimed through these tax returns meaning not all turn overs have to be taken into account when doing tax returns.
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