At Michael Paul Accountants Limited we can assist you with the formation of a new company. For anyone not using an accountant, solicitor or formation agent there is the option to do it yourself through the Business Link website or by applying directly to Companies House through completion of their paper forms. The latter two options may offer a cheap alternative but care should be taken as companies set up by this route often adopt the new model articles of association( the company’s rulebook) which can lead to problems further down the life of a company which the directors may not be fully aware of when they set up the company.
For instance, the model articles do no contain Pre-emption rights which prevents the company’s shares being sold or transferred without the existing shareholders knowledge. This may not be a problem in small family companies (although this is not always the case!) but can be an issue in companies where there are outside shareholders or where no shareholders’ agreement is in place.
The model articles also do not contain provision for multiple share classes which may become a consideration as a company grows.
The articles we put in place for new companies contain full provision for these two areas and much more.
If you are thinking of forming a new company and are not sure of the options available to you please contact us for a free, no-obligation discussion.
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Just a quick note to thank you for the support and advice you have given me during the first few months of setting up my new business. You have made the process painless which has given me the confidence to concentrate on the business without any statutory, tax or finance worries. I could not have asked for better service and I am delighted to have Michael Paul Accountants as my business partner.Hugh Milligan