Becoming a limited Company

[mcgaw81]

As the title says, I am looking at becoming a Limited Company (as per advice form my accountant)

Had a quick chat with him, but haven't spent much time on it with him.

What are the main benefits? I will be sitting down with him in a month or so, but want to keep his costs to a minimum, so was looking for any advice etc.

Also I have to change my trading name, JLM Electrical, as I am a sole trader just now the name means nothing, but it has already been registered with company house.

So I have to think what I am going to call myself.

All the alternatives are taken also.

 

[ianmacd]

You will have limited liability so if your company runs up huge debts, you are not personally responsible for them. This gives you a "layer" of protection so crazy things like loosing your house can't happen (well not easly).

There was a good page (iirc) on hmrc's site about the differences of each type of company and the benefits/drawbacks. A quick google search should find you some info.

Why not go for JLM Electric Ltd.?

 

[The Godfather]

All the alternatives are taken also.

And what may they be mcgaw81?

Don & His Boys

 

[green-hornet]

I have just set up another LTD company and the name was the hardest part.

My accountant set it all up for me as I was far too busy to do any of it.

My last Ltd company was basicaly only for electrical work, but with the credit crunch I have expanded into general building as well, If you cant beat them join them.

(I have already had some nasty phone calls from one builder).

You will have to scroll through the listed names and find one that serves you best.

Legally the Ltd company is a seperate entity, you are not liable for the companies debts, however you are more closely srutinised and some suppliers will not offer accounts to newly formed companies unless a full credit check is carried out.

As for the banks if you can survive without any funding do so they are like vultures.

Any VAT you have paid during the last three years can also be offset onto your new company.Any transfer of funds, stock or assets could be seen as a directors loan so you get that back as well.

Your accountant will explain all that, my main bug with all of this is my company logo, it was so good, and now I can not use it.

 

[Apache]

There are costs associated with being a limited company.

Also ANYONE can apply for a small fee to see your financial information from companies house. Depends how private you are........

 

[Andy™]

my company logo, it was so good, and now I can not use it.

use the new TT logo?

 

[Apache]

McGaw have you looked on companies house website?

you can search to see if a name has been used

http://www.companieshouse.gov.uk/

 

[ianmacd]

McGaw have you looked on companies house website?you can search to see if a name has been used

http://www.companieshouse.gov.uk/

I'm guessing he has cos he knows JLM Electrical Ltd. was taken along with some similar ones.

 

[Apache]

I'm guessing he has cos he knows JLM Electrical Ltd. was taken along with some similar ones.

good point Ian, unless his accountant looked for him?

:|

(the link's there if anyone wants it anyways)

 

[green-hornet]

use the new TT logo?

I think I will get Apache to do my next company logo.

Excel Solutions Ltd.

There you go mate do your worst.

What do you mean commision, never heard of the phrase]

 

[Apache]

I think I will get Apache to do my next company logo.Excel Solutions Ltd.

There you go mate do your worst.

What do you mean commision, never heard of the phrase]

you mending computers now?

 

[green-hornet]

Its a reference to all the smart home tech and the IT work I have done of late.

Nowadays everyone wants solar panels and gsm alarm signals, touch button heating controls, being as Excel was more or less computer related I thought I would jump on board I could not believe they had not registered the name but had registered Excel Solutions (UK) Ltd . Very strange.

 

[Apache]

From the company name I have an address of you or your accountant!

EXCEL SOLUTIONS LTD

42 ** ***** STREET

GREAT HARWOOD

BLACKBURN

UNITED KINGDOM

BB6 ***

(blanked for your privacy - if you want me to remove me post I will)

 

[green-hornet]

Oh you little private eye you!

No your ok the information is freely available to any who want to search so its ok.

However that is me!

 

[Apache]

Oh you little private eye you!No your ok the information is freely available to any who want to search so its ok.

However that is me!

I'm just making my point about airing dirty laundry in public. For a few quid I could have a copy of your accounts (if you had any yet )

:|

 

[a2]

I'm just making my point about airing dirty laundry in public. For a few quid I could have a copy of your accounts (if you had any yet ) :|

You sure your a vet Patch? :^O

 

[Apache]

You sure your a vet Patch? :^O

aye

I was at half 5 this morning returning a cow's womb to its rightful place



I'm knackered actually, and I think I may be coming down with a cold (swine flu?). All stuffy and achy

:|

Might go to bed?

 

[a2]

ayeI was at half 5 this morning returning a cow's womb to its rightful place



I'm knackered actually, and I think I may be coming down with a cold (swine flu?). All stuffy and achy

:|

Might go to bed?

Could be hayfever? ive never had it till this year, blocked nose, sneezing all the time, tired, itchy eyes, i got the lot!! :_|

 

[Apache]

Could be hayfever? ive never had it till this year, blocked nose, sneezing all the time, tired, itchy eyes, i got the lot!! :_|

It could be. My eyes are fine but my muscles ache.

Time will tell in the morning.

Never had hayfever before :|

My money's on a cold

 

[a2]

It could be. My eyes are fine but my muscles ache. Time will tell in the morning.

Never had hayfever before :|

My money's on a cold

Neither have i. till now