tycoonwannabe started this topic @ 22:27 on 12/03/2008
RE: Limited company with one person?
theretaildoctor | 13/03/2008 11:20 AM
No is the simple answer, If you need to create a limited company, and I understand that sometimes this is necessary for appearance sakes, especially from your client.
You will need a second person.That person can be a family member etc. Many Husbands use the partners ( and vice versa!).
If they are not going to be active in the business though you would do well to reduce the shareholding just incase things go pear shaped.
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RE: Limited company with one person?
tycoonwannabe | 13/03/2008 01:13 PM
Thanks very much for your reply.
Can the second person be someone that doesn't reside in the UK?
RE: Limited company with one person?
Hi,
From 1 April you won't need a company secretary as the legislation changes - so you can just have a one person company from then.
If you can't wait until then you can appoint someone willing. I am not aware of any legislation that states they must reside in the UK and this is certainly not the case in practice.
Finally, the 'kudos' of being limited can be a good reason to set up a limited company but you need to consider the additional costs and obligations too. If your pitch was great and the price was right would you be rejected bacuase you were a sole trader?
Regards
Jonathan
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Jonathan Ford BSc (Hons) FCA
Jonathan Ford & Co Limited
Chartered Accountants
www.jonathanford.co.uk
RE: Limited company with one person?
tycoonwannabe | 14/03/2008 02:47 PM
Thanks very much for all your replies.
I'm glad to hear that from April 1st, you don't need a company secretary - I will probably just wait until then. I'll also give the Companies House a call and just have a chat with them.
RE: Limited company with one person?
georgeioannou | 15/03/2008 01:29 PM
Hiya
Just an idea, but if you really needed to register before the 1st April, one way would be to make your loved ones (parents, siblings etc...) the shareholders and fellow directors. The reason I say loved ones is that legally they would own a portion of the company and therefore you must be able to trust them. Then if you grow and need real shareholders and partners you can sell/trnasfer their shares.
This is just an alternative idea...
