Limited Company Queeries.

rollerworld

I am setting up a private limited company, a private limited company limited by shares.
I want to do this myself to save accountancy fees, and to learn much more about such
company formation.

1. Can this limited company be set up with ninety nine shares for the managing director,
and one share for the company secretary? The total shares value at one GB pound
each = total outlay for the shares 100 pounds.

2. Does the company secretary have to have a share in the business?

3. Do Limited companies have to be audited by an accountant?

4. Will the company directors need to pay NIC even if they do not receive any money?

5. Can the company secretary have the same address as the managing director? the
address is a private address and the company secretary does not live there.
I want mail for the secretary to be sent to the managing director address, then the
managing director will communicate with the secretary regards important matters.


Thanks Rollerworld.:)

Wywth

rollerworld wrote: »

I am setting up a private limited company, a private limited company limited by shares.
I want to do this myself to save accountancy fees, and to learn much more about such
company formation.

1. Can this limited company be set up with ninety nine shares for the managing director,
and one share for the company secretary? The total shares value at one GB pound
each = total outlay for the shares 100 pounds.

2. Does the company secretary have to have a share in the business?

3. Do Limited companies have to be audited by an accountant?

4. Will the company directors need to pay NIC even if they do not receive any money?

5. Can the company secretary have the same address as the managing director? the
address is a private address and the company secretary does not live there.
I want mail for the secretary to be sent to the managing director address, then the
managing director will communicate with the secretary regards important matters.


Thanks Rollerworld.:)

1. Yes
2. No
3. No (unless you get really big, or your M&A state you must be audited)
4. No, NICs are paid on pay and certain benefits in kind
5. Yes. (You do realise there is no obligation to even have a company secretary in most cases now, don't you?)

rollerworld

Thank You Wywth, very helpful, Rollerworld

mehera

You no longer need a secretary - form the company online and its done in 15 mins . . .