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Registration requirements of a company limited by guarantee in Scotland: Coddan Formations Agency provides an established, experienced and informed service. We have been helping new companies to establish themselves for nearly 20 years. We are able to offer you the best advice when it comes to register a company limited by guarantee in Scotland.
A company limited by guarantee has guarantors as opposed to shareholders in companies limited by shares. This means that there is an element of protection should the company find itself in financial difficulties, or has to cease operating for any reason. This type of non-profit company formation is ideal for charitable trusts, educational institutions and associations. Some people view companies limited by guarantee as more stable structures than voluntary organisations. At Coddan Formations Agency we will explain the benefits and details of registering your non-profit company in Scotland.
The registration requirements of a company limited by guarantee in Scotland can prove to be confusing. Coddan will establish the specific requirements, explain them to you and help you through the process taking the confusion out of the equation.
In order to register a company limited by guarantee in Scotland it is important to remember that UK company law is still applicable and your non-profit company will be accountable to Companies House. If your company is classed as a charitable organisation you will also be accountable to the Office of the Scottish Charity Regulator.
In order to set up you must have the minimum of one director who is aged 16 or older, it is their duty to oversee the effective day to day running of the Scottish non-profit company. A potential director must not be disqualified from holding any future directorships or be an undisclosed bankrupt.
At least one guarantor is essential, and the guarantor must agree to pay a set amount should the company find itself in a troublesome financial situation. This amount is usually £1, but other amounts can be agreed if necessary. The Scottish company limited by guarantee must have a registered office and a suitable non-for-profitable company name.