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Setting up a Public Limited Company

Discussion in 'SMB' started by TheWanderer, Sep 18, 2018.

  1. MackneyHackem

    MackneyHackem Midfield

    @TheWanderer did you do this in the end? I'm on about setting one up and my mate reckons I'd be a fool to pay the likes of Parasol to do it for me as it's a piece of piss.

    Was it a piece of piss?

    I've registered the company name on gov.uk so far.
    Last edited: Jul 10, 2019
  2. TheWanderer

    TheWanderer Striker

    I didn’t mate, I was offered a internal full time job a week before I was to be made redundant, same company, different role which I excepted, so didn’t have to go down the contracting route.
  3. MackneyHackem

    MackneyHackem Midfield

  4. There are loads of online companies will process it for £9.99 with bog standard articles of association but you do need to give some thought to things like number of shares etc. Make it an easily dividable number as you never know when you might want to transfer some to somebody else (even if it’s your missus for tax purposes). I normally use 60 shares by default as they go equally in 2,3,4,5,6.

    If you’re setting up a limited company then you are going to need an accountant anyway so it makes to sense to choose one and get their advice before you register. You may want to use their offices as a registered address etc.
  5. MackneyHackem

    MackneyHackem Midfield

    Just a limited company for the purposes of being paid for freelance work. I always just used umbrella companies before.
  6. Nookie Bear

    Nookie Bear Winger

    It’s pretty straightforward to set one up , I use a basic spreadsheet to track ins and outs and once a year accountant compile accounts and submits to HMRC.
    MackneyHackem likes this.
  7. gizmoganzee

    gizmoganzee Striker

    It's dead easy online, you can do it on your own without a company secretary.

    Memorandums and Articles are sorted for you.
  8. Still going to need an accountant to file for you so makes sense to get any free advice off them before you create your articles etc.
    What you start of doing under the umbrella of your limited company isn’t always what you end up doing so it makes sense to cover for plenty of eventualities.
    Just my opinion of course.
    MackneyHackem likes this.
  9. Spennymackem1981

    Spennymackem1981 Midfield

    do it yourself and then find a good local accountant, those Umbrella/LTD company services are shite rip of kernts
    Nookie Bear likes this.
  10. Latka Gravas

    Latka Gravas Striker

    Fuckin hell, fancy wanting the lad to be made redundant .
    MackneyHackem likes this.
  11. PTR

    PTR Striker

    Just the other side of this.... I found all the paperwork to set up and maintain a ldt company a right fuck on, and not all that easy.

    Not sure I think it was worth the extra money, and if I go back to contracting, I'll try an umbrella company next time.
  12. The Butcher

    The Butcher Winger

    Piece of piss once all setup. A decent accountant does everything.
  13. MackneyHackem

    MackneyHackem Midfield

    I've got my company name sorted. Do I just need to get an accountant to sort out the rest or is that not the case?

    I'm starting a 2 month long contract on Monday and am already set up with Parasol for umbrella payments so umming and ahhing about whether it's worth the hassle to set up.
  14. For a 2 month contract, just take the hit from the umbrella company.
  15. MackneyHackem

    MackneyHackem Midfield

    My intention isn't to go back to perm after this two month gig though. I'll be looking for more freelance work. I've been putting it off for years.
  16. Given that you're starting on Monday, and the contract is in place presumably, you'd find it difficult for the company to pay your unknown limited company in that timeframe. Use the 2 months to investigate further and get everything in place for subsequent work.

    You'll likely need Public Liability Insurance as well as a whole raft of other stuff sorted anyway, which are typically all part of the "rip-off" services the umbrella companies provide
    Last edited: Jul 19, 2019 at 10:56 AM
  17. MackneyHackem

    MackneyHackem Midfield

    They've said I don't need to have it sorted right away. I thought public liability insurance was optional?
  18. Depends on the contract, most big companies want you to have it, and tbh you'd be mad to not have it. It's all part of being in the big boys world. You fuck up and they sue you, you'll be regretting it till the day you die if you don't have it.

    If you don't mind me saying, you're approaching this in a very cavalier way, but feel free to just go winging it, plenty do.
  19. MackneyHackem

    MackneyHackem Midfield

    How so? I've admitted I don't know what I'm doing and am asking for advice.

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