12th April 2015
In the current economic climate, many people are deciding to take their destiny into their own hands and set up their own business, often as a limited company.
The first thing to think about is your corporate name, image and logo. Make sure that both your chosen company name and the trade name can be used without legal consequences. You will need to register these at Companies House.
You will need to clearly display your company’s name at the registered office and all other places of business. You must show your company’s name, place of registration and registered office address on your company website, stationery and emails.
At registration you will need to provide Companies House with your company’s Memorandum of Association and Articles of Association. Depending on the circumstances, your company may need a separate shareholder agreement. This is a confidential agreement providing certainty about internal arrangements. It is advisable to consider now how the business might be disposed of one day or shares disposed of. This will ensure that the arrangements you make now will not restrict your business flexibility at a later date.
When setting up your company you also need to decide who will own the shares in the company and in what proportions. Changing this later can have detrimental tax implications. If any member or director owns property which the company will use it is important to take early advice on whether there is to be a lease since there will be tax implications attached to these arrangements. You should also take advice on the ownership of intellectual property within the business.
The business law team at Myers & Co can help you to set up the company and will advise you to make sure your company is set up for your business needs, avoiding costly changes at a later date.
For advice from Myers & Co Solicitors, based in Stoke-on-Trent, Staffordshire, contact our commercial law team on 01782 525000 or email info@myerssolicitors.co.uk.
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.
