When you started your business, you’ll likely have registered as a sole trader. But if you’ve been trading for some time now, you might be thinking about setting up a Limited Company.
Incorporating has significant implications, but if it’s the right move for your business then you’ll reap the rewards. It doesn’t have to be difficult if you know what to expect – so here’s what you should do if you’re thinking about becoming a Limited Company:
Summary
Prepare
- Understand the advantages
- Make sure it’s the right move for your business
Register
- Choose a name and address
- Register with Companies House
- Notify HMRC
Transition
- Transfer contracts
- Transfer assets
Comply
- Manage compliance and filings
- Review insurance needs
- Understand your obligations