OK so im looking to set up an LLC company within the UK. I have looked online and i can get solicitors to do this for me at around the cost of £50 which i dont mind paying...however even these companies are using things I have just never heard of...So if anybody can please please please make sense of these terms and any sites etc you recommend to do this for me please do say now.
Original Certificate of Incorporation
Articles of Association
Also i'm meant to be getting share certificates...however i was under the impression you needed to "go public" in order to have shares etc etc
So if anybody on this forum can speak fluent lawyer i'd be more then greatful. The hosting is very easy for me however the business side is all brand new so I need help with it.
Your terminology is a little different apparently in the UK.
ie, in the US it's Articles of Organization which you file to start an LLC... and I don't know what the other two forms reference.
While I'm uncertain about differences filing the papers in the UK, I highly recommend that people in the USA don't utilize these sort of services. It's generally not worth it. If you can answer the questions that the service is going to ask you... you could file the paperwork yourself easily. If you couldn't answer those questions... you probably aren't ready to run your own company :p
Shares for a LLC are often called LLC Membership Units... it's sortof the same thing as Shares of a corporation and are not uncommon.
At the end of the day if it means i dont have to deal with lawyers then its worth it.
I would always be hesitant coming to an online community for any legal advice. We can help you to the best of our ability but if it would come down to a law suit, I dont think that a judge would buy the excuse "I am sorry, it is what my online friends at WHT told me"
If you intend to be the only controlling member of your LLC then you could do nothing with them.
If you ever wanted to take on a "partner" you could divvy up what percentage of the LLC they would "own" by granting them a percentage of the LLC membership units.
In the US. When you form your LLC you decide wether the LLC will be controlled by the members or by specific managers. The differentiation might be where if you want to give people helping fund your company a percentage of profit/losses but not give them the ability to have any vote/control in the daily operations of the business.
ok.. we do not have LLC in UK.. so what are you trying to achieve? In the UK, if you wanted to form a company, then it is Limited Company or PLC (can't remember the full name but its a lot more strict in accounting etc).
To form Ltd company, you will have shareholders and directors and that I think is about the same as your INC. There are certain accounting rules that you have to follow and need to be registered in Company House. Limited company is just limited in liability as well as capital, so it is worth doing. The cost of incorporation is around £100.. and normally you can get one off the shelve.
at least 1 director and 1 company secretary is needed. Company Secretary is legally binding to file all the papers. so if you don't then its a jailable offence.
When you form the company, the company will have a M&A Memorandum and Articles. It states what the share stucture is like, who can vote, how much shares are issued and how much is the initial capital etc.. and that is a legal document. Without that you cannot have a company nor can you open a bank account.
The share certificates state that who own the share in the company, hence how the profit is being distributed..
just because I have a few of these Ltd.. so I know a thing or two about them, that is all..
I hate to see people doing things which are unnecessary... I never do it.. even with my clients.. i rather lose a sale than having client buy something which is not right for them that is why i am not making as much money, i suppose...
btw.. you would not hire me as a english translator.. cause I have been cited as my English is not good by some of my clients AFTER they met me in person.. but otherwise I am fine on the phone!
thejustbiz is about right, But there is alot of responsibilty in forming a company, I would strongly suggest talking to a Solicitor to assess wether you need to do this or not.
Believe me It is not something to undertake lightly. I don't mean this to sound rude , But you need to know that you must be 18 to be a company secretary and you need another Director . You have to have 1 Company Secretary and 1 Director , They cannot be the same person. You can however have for example
1 Company Secrertary (you) , A Director (someone else ) and another director (you).
Your costs are going to be more than £50, Because there is paperwork that needs to be filed now and at later dates. Please note that alot of people setup companies and it goes fine, Only for them to be dissolved or struck off by Companies House.
You will need a Company Secretary and sometimes the formation company can undertake the duty for a fee.. or you can ask your accountant. You need an accountant to file the accounts and depends on the activities, it can be somewhere from £500 upwards.
Also with hosting, I would suggest that you have Professional Indemnity Insurance as well just to cover yourself.