Application To Register Company Limited By Shares Or: Fill & Download for Free

Yes, certainly.The Companies Act, 2013 provides “Company Limited by Guarantee” as one of the types of company.Here, the difference from the Company Limited by Shares will be the liability clause of MoA and few details in the application form. However, that is taken care by the professional hired for incorporation.If you are looking for an assistance to register a company limited by a guarantee, LegalWiz experts are happy to help! Log on to LegalWiz.in to connect with an in-house Company Secretary.

Limited by Guarantee CompaniesCompanies limited by guarantees is an alternative type of business structure that is used by non-profit organizations. They don’t have share capital and shareholders. Rather, they are held by one or more 'guarantees' each of whom guarantees a fixed amount of money to the business in the event of insolvency.Guarantors do not take any profit from the business. All excess revenue is returned to the organization to meet its non-profit goals.Please watch the below video:A limited by Guarantee Company:Ideal for non-profit organizations such as charities, sports associations, social clubs, cooperatives and organizations of membership. Can also be used by companies, but it is better to have a limited by shares structure.It should have at least one director (i.e. manager)It should have at least one guarantor (i.e. owner)Director and guarantor can be the same person.There is no limit to the number of directors and guarantors of the company unless determined by the Articles of Association.There is no shares or shareholders in this type of company structure.Owners guarantee a fixed amount of money to the company and it is paid if the business cannot pay its debts.Guarantors are protected by limited liability. The sum of money they guarantee is the limit of their liability.It must have a registered office address in the country of incorporation.Requirements of registration:Limited by guarantee companies and limited by share companies are established in the same way. In just 3 working hours, you can use the services of an online company training agent to register a ready-to-trade company. You can also use the Web Incorporation and postal services of Companies House, but these registration methods take much longer and cost more.The following information will be required to complete an online application for registration of a limited company by guarantee:Name of the companyAt least one ‘natural’ director aged 16 or aboveAt least one guarantorService address for each guarantorInformation of all people with significant control (PSCs) of the companyRegistered office address in the same country where your firm is incorporatedSIC code to state the nature of the company’s business activities.Statement of Guarantee.Statement of Compliance.Articles of association and memorandumStatement of Guarantee:In order to register a company limited by guarantee, the guarantor must complete a Statement of Guarantee during the incorporation process. This is a legal requirement under section 11 of the Companies Act 2006 and outlines the situations under which the guarantors have to pay their guarantees.Each guarantor named on the memorandum of association must agree to the following Statement of Guarantee:Payment of debts and liabilities of the company contractedPayment of costs, charges and expenses of winding upAdjustment of the rights of the contributors among ourselves, not exceeding the specified amount below.The Statement of Compliance contains the amount of money guaranteed by each subscriber (guarantor). It will set the limit of their financial liability. In most of the cases, a nominal value of £1 is agreed by each subscriber. This must be paid when requested by the company.The Statement of Compliance must be signed by each subscriber to the memorandum. It implies that they agree to the Statement of Guarantee and the guaranteed sum.

UK PerspectiveIn the UK, it’s very fast (48hre) and cheap to start a private limited company.It costs only £12 to register a company in the UK. The steps to set up a private limited company are quite simple. You need:A company nameAn address for the company (UK)At least one directorAt least one shareholderThe agreement of all the initial shareholders - memorandum of associationDetails of the company’s share and the rights attached to them - statement of capitalWritten rules about how the company works - articles of associationThen you can register online with the Companies House if you standard articles of association. Otherwise, you will have to register by post, using an agent or a third party software.You will also need to register for Corporation Tax within 3 months.I hope I’ve answered your question. If you are thinking of getting legal advice for the drafting of your documents you can contact Linkilaw and compare legal quotes. Any further questions, don’t hesitate to email me.