121 Company Advice

Frequently Asked Questions

Q WHAT IS THE BENEFIT OF LIMITED LIABILITY?

Limited Liability protects the owner of a Limited Company from personal loss as the company is a separate entity and hence has its own profits and debts - i.e. any debts incurred would be the company's debts and not the individuals. This is unlike the owner of a business as his business debts would in fact be his personal debts.

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Q HOW DO I CHECK IF MY CHOSEN COMPANY NAME IS AVAILABLE?

You can check the availability of a Limited Company name by telephone on 0121 678 9011, or by completing the application form. The name must be unique and must not be offensive, constitute a criminal offence or give the impression that the company is connected with the Government or a Local Authority.
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Q ARE THERE ANY OTHER RESTRICTIONS TO MY CHOICE OF NAME?

Yes, you cannot use certain "sensitive words or expressions". These word include British, Great Britain, England, English, Scotland, Scottish, Wales, Welsh, Ireland, Irish, United Kingdom, National, International, Association, Authority, Group, Holdings and many more. However, this does not mean that it is impossible to use them because they each have specific criteria governing their use. 121 Company Advice will be happy to advise our customers regarding these criteria for any "sensitive words". For example, the word "International" can be used if we are advised of the countries that the Limited Company would be trading with, "Holdings" can be used if we are advised of another Limited Company that the new company will hold the majority of shares in.

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Q CAN I FORM A LIMITED COMPANY AND TRADE USING A DIFFERENT NAME?

Yes, although it may be wise to protect your trading name using the Business Names Registration service through National Business Register before commencing business so as not to infringe on an existing trading name and to ensure protection for your name for the future.

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Q CAN I FORM A LIMITED COMPANY AND LEAVE IT DORMANT UNTIL I WISH TO TRADE?

Yes, once the company is formed and the Directors/Secretary are in place, the company can remain dormant until you need it. However, on the anniversary of its incorporation you must file an annual return and nil accounts ("nil" if it has never traded) with Companies House. You must also remember to keep Companies House informed of any changes within the infrastructure of the company as they happen e.g. if there are changes in Directorship or Registered office. This requirement is also the same for companies that are trading and we can assist you with these ongoing matters.

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Q WHAT OFFICIAL DETAILS AND PERSONNEL DO I NEED IN ORDER TO FORM A LIMITED COMPANY?

To form your company, the minimum requirements are as follows:- You will need at least one director and at least one shareholder, a UK registered office address (or it can be your home address although, by law you must display a company nameplate at the premises). We can supply a prestige registered office address.

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Q WHAT DOES MY STATIONERY NEED TO DISPLAY?

At a convenient place on your letterhead and other stationery, you need to state the full name of the limited company, the registered office address, the incorporation number and where the company was registered (e.g. Registered in England and Wales). If you are using a trading name or using a different trading address then these trading details can be prominent at the top of the paperwork, whilst the official details must still be visible at the bottom. If you need to register for VAT, then the VAT number must be stated on any invoices.

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Q WHAT OTHER SERVICES CAN 121 COMPANY ADVICE PROVIDE?

Our team are able to provide a variety of services for the set up and maintenance of your company. These services include acting as your registered office, acting as your company secretary, providing a service address, supplying a nameplate plaque, and registering for VAT and obtaining domain names. Please do not hesitate to contact us for further details.

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Q WHAT ARE THE COSTS INVOLVED?

To set up a new company costs £15 inclusive of VAT (+ £15 Companies House fee). A fully completed 'company kit' is supplied by email.

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Q WHAT DO I GET FOR MY MONEY?

The cost includes all formation fees and the unique 121 Company Advice full company kit. This comprises of the memorandum and articles of association, the certificate of incorporation, the completed company register, share certificates, board minutes, annual accounting reference date notification and your webfiling authentication code.

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Q HOW LONG WILL IT TAKE?

To form a new company takes just a few hours.

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