This ltd. company guide can guide you through the steps of getting yourself registered for a ltd. company.
Ltd., or Limited, is a suffix added the name of a registered company. This indicates it is a private limited company. British, Irish and some Commonwealth countries’ laws incorporate this pattern in their systems. it is an establishment on its own under one or more owner/s. In a limited company, liability of the shareholders is limited to the capital they have originally invested. This means that if such a company becomes bankrupt, the shareholders’ personal assets remain protected.
The main advantage of a limited company is that its liability may be spread among multiple owners rather than just one since it can accommodate any number of shareholders. Moreover, a shareholder loses only as much as he invested if the company fails. Our ltd company guide must be helpful in both starting, running or investing in the ltd. company business.
Shares are sold privately in a limited company. Hence the amount of capital raised may be limited. Selling shares outside the company is possible only if all the members give consent.A director must offer a personal guarantee against the loans the company takes.The director’s personal assets are put at stake in this case. This is not protected under private limited company laws.
The company has to have a proper name indicating its nature as this will go for legal registration. The name should be available for registration first of all. The company also must set up its registered official address beforehand.
The company shall have directors and shareholders. The directors must get themselves registered along with the company as they are the responsible persons in all the future dealings of the company. Shareholders are the owners of the private limited company as they are the ones who invested money into the company.
The company has to be clear and specific of the field of its business. This must be informed to the government via SIC codes. Once the company is registered, the first board meeting shall be called for without fail, and the minutes must be produced before relevant authorities.
The company must provide share-certificates to the shareholders. The company must also keep records of all activities, especially the statutory records. This includes auditing and tax related records, employee related records and activity related records.
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