When considering starting a company there are so many things to consider, names, business plans, compliance, financials to name just a few. We work with our clients to advise and assist with the formation of their new company giving them peace of mind and reassurance that everything has been thoroughly considered to fit their needs and overall goals.
Advisory Gems are engaged frequently to support the set-up of a Limited Company. Here is a case study of a recent Company Formation Project we completed for a carpentry business.
What type of company to form?
We worked with our client to evaluate the best type of company to form, there are many advantages to registering as a Limited Company with Companies House but this also comes with compliance tasks to consider. Sole Traders or Partnerships can often be more suited to smaller businesses however registering as a Limited Company forms the business as a separate legal entity from its owners. We identified a Limited Company would suit our client and would accommodate his future business plans.
How do we support the set-up process?
There are many items to consider when forming a Limited Company. One of the most important factors is your brands identity and a company name can define this. Checking your name is available is a fundamental requirement as well as ensuring its well suited to your business idea. Availability of domain names for your email and website should also be carefully considered and purchased in conjunction with your company set-up. We guided our client through this process and found the perfect name and availability with Companies House and relevant Domain names. Our work ranged from choosing a Registered Office address to issuance of the initial share capital and everything in between!
What systems are needed to run the business?
Once the company was formed, we aided the client in branding their business giving them a memorable logo which represented their business offering. As financial specialist’s we advised and implemented the most appropriate accounting software, consulted on their needs to decide if HMRC registration for VAT and PAYE were required. From there we integrated these registrations with the financial software. Another necessity was choosing and opening a business bank account. We liaise daily with many of the High Street banks as well as the ‘challenger’ banks, utilising our knowledge in this market we guided them on the most appropriate one for their banking needs and provided the integration to their accounting software.
‘One Stop Shop’
By choosing Advisory Gems we managed to use our vast experience on forming and working with small businesses, with our daily knowledge of accounting and banking along with operational expertise to work across all tasks in our client exciting new business venture