Company and LLP post-registration services: getting your limited liability partnership (LLP) up and running is easy with Coddan Ltd. Once you're set up and ready to start doing business, it's likely that you’re going to need some additional services and help along the way in order to optimise your company operations. Coddan Ltd offers a number of different post-LLP services designed to help facilitate profit generation and help your LLP to run as smoothly as possible. Below are some of the ways in which you can utilise Coddan Ltd to get the most out of your business.
SAIL inspection address: if you've recently formed a company, there's a good chance that your registered address is also your home address. Coddan Ltd can help you to set up a single alternative inspection address. Commonly known as a SAIL address, this is essentially an address registered to your company which negates the need for any government or authority inspections of your business to be held at your personal premises. Many limited liability partnerships utilise a SAIL address for prestige reasons - for example, having an office in the capital of finance creates a good impression to potential clients.
UK business bank account: as an LLP trading in the UK, it is imperative that your company has a UK business bank account. Coddan Ltd can assist you in opening accounts with some of the UK's largest banking institutions, including Barclays and NatWest. Having a business account with one of the world's most trusted banking institutions helps to instill confidence among suppliers and customers alike.
Payroll management: time is an important factor in any business. It's therefore important to streamline your business in order to have enough time to concentrate on growth, as opposed to getting caught up in administrative tasks. Coddan Ltd can help manage your payroll, leaving you to focus on running your business the way it should be.
Company dissolution/reformation: if, for any reason, you are required to dissolve and reform your LLP, Coddan Ltd can facilitate a speedy return to business, with rapid turnarounds for company dissolution and reformations, as well as the appointing of new directors and partners.
Bookkeeping and accounting: allow Coddan Ltd to be your one-stop solution for bookkeeping, accounting and HMRC returns. By choosing a company with expertise in accounts, you're ensuring that your company or LLP is compliant with all relevant laws - this helps to avoid fines and penalties, allowing you to make the most of your profits.
Companies and LLPs post-registration services: if you have just formed a company or LLP, you will almost certainly have a long to-do list of all the things you have to do next - such as setting up a payroll, filing tax returns, and registering for data protection. At Coddan, we can help you take care of all of this with our companies and LLPs post-registration services. Our experienced team can help with all the administration tasks that are required of a business, saving you time, money and hassle. We're experts in company formation and post-formation, so get in touch with us today to find out how we can help you.
If you want to change the name of your limited company or limited liability partnership (LLP), Coddan Ltd can help you with the red tape.
There can be all sorts of reasons to change your name. It may be that you have changed direction and your original name just does not fit, or you could even have made a spelling mistake on your initial registration. Whatever the case, changing your name is more complex than it might sound and it's important to get the details right.
You can change the name of a limited company or LLP in two ways. You either require a special resolution from the shareholders and guarantors, or the directors can vote to change the name with a special resolution if the articles of association granted them this power. After this, you must inform Companies House and receive approval for the new name, as there is a chance your new title could be rejected if it is too close to another company's name or it contains sensitive words or phrases.
With a special resolution, a 75% majority is required, but this must consider voting shares, rather than the number of shareholders, as one shareholder can hold a larger portion of the shares and may carry more weight. The resolution must then be filed with Companies House within 15 days.
Companies House must then provide a Certificate of Incorporation on Change of Name. As soon as you have this official seal of approval, you can change your bank accounts and begin trading under your new name. The certificate must be kept along with your original registration details at your registered address and must be kept available for inspection.
At Coddan, we offer a wide range of post registration and post company formation services to ensure that going forward, your company or limited liability partnership (LLP) continues to thrive in the way it was set up to do. One such service is taking care of any amendments to articles of association and LLP agreements. The articles of association are an important element of the company's constitution, setting out details of ownership and how the company is governed.
Articles of association are required under the UK Companies Act 2006, although these are not set in stone; there may well be circumstances in the future where it is necessary to make an amendment to the company's articles. It can often seem a complex business to ensure all the correct procedures are followed and the relevant documentation is completed. This is where we at Coddan can be of assistance.
Expert help when it's needed: it's important that the articles contain the kind of provisions that are right for the company, and this is especially true when there is more than one director or shareholder. Correctly crafted or amended articles will protect the interests and rights in the company of all concerned. Any amendments to the articles have to be in the best interest of the company and not only meet the desires of a few members. Not all members have to agree to the changes but any changes must respect the statutory rights of any minority shareholders.
Special resolution: changes to articles through amendments to the wording of one or more clauses, removal of an existing clause, or adopting a new set of articles altogether has to be authorised by a special resolution. One of the simplest ways of doing this is through a written resolution. Once the special resolutions are signed, a certified copy has to be sent to Companies House, along with a copy of the amended articles. As part of our post formation service, our team at Coddan can guide you through the process every step of the way. To find out more about our services or discuss this issue in greater detail, please contact the Coddan team today.
At Coddan, we aim to provide our clients with the complete range of post formation services. This can help you to quickly adapt to changing circumstances while minimising disruption to the day-to-day running of the business. If you want - or need - to change the way the company or LLP is set up in some way, any amendments to the articles need to be formally processed according to the UK Companies Act 2006. One such instance is when you want to create more than one class of share.
Why create different share classes? One reason why you may want to create different share classes is to attract more investment, or you may want to push the dividend income in a specific direction. Two other reasons for doing so include incentivising staff to remain with the company, or to enhance (or remove) voting powers from an existing shareholder. The class of shares also vary and can be ordinary shares, deferred ordinary shares, redeemable shares, non-voting ordinary shares, preference shares, cumulative preference shares, and redeemable preference shares. All of these different classes of shares will have their own individual rights.
Expert help where and when you need it: provided that due process is followed, and subject to any existing restrictions in the company's articles of association, you can basically create any of the above class of shares whenever you like. When you need to create more than one class of share, you can do so by adding to your existing class or by converting existing shares into one or more new class of shares. It's important to bear in mind that the articles of association set the shares out into their different classes, plus details of how they are divided and what rights are attached to each one.
Shares in a limited company can be traded, sold or transferred for any reason you see fit. The reasons are many and varied and can include the retirement or death of a shareholder, a shareholder simply wanting to sell their stake in a company, equity needing to be granted as part of a merger or shares being given to a family member. Whatever the case, Coddan Ltd can help as part of our extensive post-registration services.
If you wish to legally transfer ownership of shares from the existing shareholder to a new one, you must complete a stock transfer form. If the shares are sold for more than £1,000, stamp duty rears its ugly head and 0.5% of the sale must be paid, while a copy of the transfer form must be supplied to HMRC. You do not have to notify Companies House right away as the changes of ownership can be taken into account in the next annual return and the public register will be updated accordingly.
Company directors can approve the share transfer if the articles of association grant them that power. If they do not have these powers, transfers must be approved by the existing shareholders. Both the transferor and transferee must receive a copy of the transfer form and the new owner should receive a share certificate.
Some companies have their own restrictions with regards to the transfer of shares and if the transfer of shares conflicts with these requirements, a special resolution is required before the transfer can take place.
Do you want to apply to restore a business that has been struck off the register by Companies House? Coddan Ltd can help.
Businesses can be struck off for a number of reasons, but the main one is if they no longer appeared to be trading. Former directors of members can apply to have a limited company or an LLP (limited liability partnership) restored to active duty, though. This process is known as administrative restoration.
To be considered by Companies House, the limited company or LLP must have been active within six years before being struck off by the Registrar of Companies. It must also deliver all the necessary documents, fees and late penalties to bring the company up to date. The applicant must also deal with any property or rights that became 'bona vacantia', ownerless property that passes to the Crown, when the business was dissolved.
The application must be made in writing, using form RT01 and LL RT01 for LLPs. If the application is approved, the business is essentially considered to have never been struck off. The Registrar will generally disregard any fees for when the business was inactive, but this is not set in stone and must be negotiated by the business owner or company formation agent.
If another company has registered the same name while the business was inactive, you will need to choose a different name. The company can still be restored, but it will have to work under a new name as companies and LLPs simply cannot operate under the same name as another firm that is already registered.
Dissolution of limited companies and limited liability partnerships is an inevitable part of life and if the time comes to dissolve your company, you need to make sure it is done properly, quickly and effectively. Coddan Ltd can help.
When you're closing a company down, you will inevitably have a lot to deal with, so you can pass the dissolution over to us. We can ensure that the paperwork is taken care of so you can focus on moving forward.
Of course, it can be tempting to simply leave the company dormant until Companies House strikes it off. This is not the cleanest course of action, though, as failure to provide annual accounts could leave the directors open to fines. It is far better to close the company properly with a voluntary company dissolution. This is not an alternative to formal insolvency proceedings, and dissolution is a specific process for a dormant company.
To qualify for voluntary dissolution, the company must have traded under the same registered title name for a period of three months. So if your company has changed its name recently, you must wait until the three month period before applying for voluntary dissolution.
It must also be a dormant company with no significant trading over the previous 13 week period. It must also not have engaged in normal trading activities for a three month period, although incidental items, rather than stock, may be liquidated. The company must also be free from any petition for a winding up order or for it to be struck off.
One of the post registration services we offer to business clients is making sure that details of any changes to the governance of the company is passed on to Companies House. Under the Companies Act 2006, any such changes have to be reported to Companies House within 14 days of the changes taking place. Most companies are aware of the need to report details of the appointment or termination of a company director, for instance, but many fail to file other specific changes. This is where our experienced team at Coddan can help. We can advise you about due process and take care of all the necessary paperwork, leaving you to focus on running a profitable business.
What appointments do you need to report? You have 14 days to file details of the appointment or change of personal details of any new company directors, secretary, shareholders or limited liability partnership (LLP) members, with Companies House. Details that need to be filed include such things as a change in a director's name or service address (the address where he or she can be contacted by the public), a director's nationality, country of residence, and usual residential address.
If your company changes company secretaries, their details also have to be filed with Companies House. If the director or secretary is also a shareholder in the company, or if there are new shareholders, the register of members at Companies House also has to be amended to reflect these changes.
How long does all this take? The process itself is fairly straightforward and there are specific forms that need to be completed and filed within the statutory time limit to cover each scenario. All of these forms can be completed online but if you are at all unsure of what you need to do, don't want to spend time on the paperwork yourself, or simply want the reassurance that expert help provides, then we at Coddan will be delighted to help.
Keeping your company records up to date is an important part of the proper governance of a company in the UK. To find out how we can help you manage this more efficiently, contact the Coddan team today.