Making a limited company

Bengaboy

Bengaboy

Bengaboy

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Joined
1 Sep 2007
Posts
3,902
Hi guys, wanting to make a company and dont know where to start.

theres a website called companyregistrations.co.uk and I would probably set it up through them (about £120).

Just turned 18 and would love to make a business :)

Any advice?
 
You might laugh, but a gaming company :) (video games)

I obviously have never registered a business before, would that website do all the work for me, or is it just as easy as doing it on the above website?

As you can see, Im a total novice, any help would be appreciated :)
 
Why do you want to register as a limited company to do this? It seems you dont understand the purpose of a limited company - I would be suprised if being a limited company is a requirement for whatever it is you wish to do.

Infact its likely to be considerably more hassle than its worth at this stage in the development of the company.
 
What are your reasons for wishing to register a company? Do you have others involved that want an equity share in the business?

If you are working on your own I don't think it's worth registering a company until you are earning over a certain amount, although I couldn't tell you what that amount is ...

Rgds
 
A lot of responses basically say, start as a sole trader, why do you want to start a business , etc.

Fair play - but I want to protect my potential company name(ie - overclockers), and maybe protect the way I would make the games (if that would be possible, not an invention, just a business plan that I wouldnt want others to copy).

As I understand, you cannot do this unless you have a company to put the trademarks, copyrights and patents under.

Effectively I want to make a company (not sure if its a ltd company I need really...) to protect the ways I do business (if that is possible) and protect the company name.

Also, I thought a ltd company would cost £120 - not bank breaking! :p (most likely wrong though...:()

Cheers for your help everyone
 
I can see where you are coming from, however I am sure there would be other ways of going about it, instead of becoming a LTD.
Bengaboy said:
Also, I thought a ltd company would cost £120 - not bank breaking! :p (most likely wrong though...:()
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I would doubt that. when I went through a 'Start your own business' Course & from learning Business Studies, I would have thought their would be a lot of legal costs to set up a LTD, not just the actual fee.

Maybe I'm wrong :P
 
unless it's pretty risky there's no need for you to be a ltd, limited liability is the main advantage, aswell as image, name etc. sounds like a sole trader is the best option for you
 
Bengaboy said:
As I understand, you cannot do this unless you have a company to put the trademarks, copyrights and patents under.
Click to expand...

That's definitely not true for UK trademarks, which can be registered in the name of a UK individual.

I find with the internet you can often work out how to do things in a few hours of reading when pre-internet you might have paid a professional. If you have the time to spare then I would read the Companies House website and if you want to set up a company, do it yourself, you learn more that way. Same goes for UK trademarks, everything is on the Patent Office's website and you can read other applications to get an idea of what you need to write.

However, as others have said, you may not need to set up a Ltd Company.

Rgds
 
Patent your idea, register your trademark - You don't need a ltd company to do this.

You need to have an idea of what the processes of a business entail, Business Link is the best start for you.

Stick to trying to get it off the ground, you have three months before declaring you are trading. At that point become a sole trader, after 15k or so in revenue become a ltd company.

There is nothing cool or corporate about being a ltd company, you're just raising your start up costs, business costs and the level of administration throughout each year.
 
Bengaboy said:
As I understand, you cannot do this unless you have a company to put the trademarks, copyrights and patents under.
Click to expand...

no you can put them under you name, but having a company means that those trademarks etc. belong to the company and are sold if the company is sold and are kept in the company if the owner retires/dies etc.
 
This is in no way meant to be a dig at you. For me personally I have a very limited knowledge on Business and I would be going back and researching through as many books/people as possible. E-mail companies you know about, or even just go down to your local ones that may be in a similar, business, position you want to be in and just ask them for advice. At 18 you have got a lot of time, so just spend about a 4 - 6 months+ researching and allow yourself to be very confident in your decision!

Good luck though man! Hit me up with an e-mail if you make it big :D (discounts any1??)
 
Hi Bengaboy,

It depends on what profits you expect to make in year 1 and going forward. You really need to speak to an accountant about this as the differences in tax between sole traders and limited companies can be large in either direction depending upon the profits you make.

The cost to set up a limited company is not a lot but you will need to have an accountant prepare your annual accounts and it costs more for a limited than for a sole trader self assessment.

Many accountants will give you a free initial consultation to discuss your options - try someone local. They would also help you set up the company properly as any mistakes could lead to later problems.

As an aside, this is a good site for registering a limited company:

www.quickformations.com

Good luck!
 
To be fair, Im not expecting making any profit in the 1st year, profit wise - if im lucky would be £3000 tops for a few years.

So I can do everything in my name hey - any resources to back that up?

This is really helping me guys, some solid advice on ye olde OCUK forums ;)
 
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