The government has ring-fenced cash for investment in start-ups, as a means of injecting capital into the UK economy, since 2012. Originally these £2,500 loans were available only to 18-24-year-olds, but this has since been expanded. Now anyone 18 or over is eligible.
You are beginning your venture into the world of start-up businesses, forming your own company, but depending on its legal structure you may – or may not – be legally obliged to start a business bank account – separate from your personal account. In this guide, from Smarta, we’re going to take a look at whether you really need to open a business bank account.
The articles of association are a legal document every company needs from the moment of their incorporation. The articles dictate how a company should be governed, and the powers directors/company officers have. In a previous article, we looked at what the articles are, and what they usually contain, but this article we are going to have a look at how one can go about editing the articles of association, under Section 31 of the Companies Act 2006.
A business' legal structure determines who makes the management decisions, how much tax you'll pay, what records you need to keep, who has financial liability for the business and how you raise money. In short, make sure you register under the right structure; get it wrong, and it could be an expensive and complicated mistake to rectify. Click here for this Smarta guide on business formats.
If you're starting a business with a business partner you'll probably want to register your company as a Limited Liability Partnership (LLP). An LLP will give you a legal framework around which to share responsibility, as well as limiting the risk you'll both incur. This guide will explain why you should set up as an LLP. If you are looking to incorporate a business then look no further. Smarta is a formations company who will handle all of the hard work for you.
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