New Company CREATE – Need for Memorandum of Association

According to the firms House statistics published in CompleteFormations.co.uk, May 2010 saw 28,900 companies being established in England, Wales and Scotland. THE UK witnesses approximately 300,000 business company formations each year. For a fresh company set up, the entrepreneur must complete several formalities, including submission of documents (the Memorandum and Articles of Association and form IN01) and paying the registration fees of (GBP)15 or (GBP)20 (based on the procedure for registration opted). The Memorandum of Association is of primary importance and needs to be filled carefully.

New Company SETUP: Memorandum of Association

Failure to submit the Memorandum of Association in the correct format can lead to rejection of the registration form. Therefore, a fresh company, along the way of being set up, has to be very careful about following correct processes. 開公司 Some of the information that should be included in the form are:

Registered address: The business location should be mentioned clearly in the Memorandum because any communication from Companies House will arrive at the mentioned address. Notices, summons, writs are dispatched to the official address registered at the Companies House.

Business objectives: Company objectives refer to:

* The main object clauses

* Clauses governing the regular functioning of the business

The objects clause must comprise all possible actions that the company plans to undertake to experience the objectives.

Initial member subscription: The Memorandum must include a clause involving the initial company members. This clause is meant to state the names of every member, their mailing addresses and a short description of who they’re and what they mean for the company.

Additionally, in case of a restricted company formation, the business must mention ‘limited’ or ‘ltd’ as part of the name of the proposed organization. One cannot dispense with this last word unless special permission has been obtained on grounds of unlimited liability of the managerial committee members or shareholders.

Prior to registering an organization, entrepreneurs must carry out a name sign in the firms House name index to make certain the proposed name will not match any on the list. This too, will lead to the registration being declined.

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