Why Do We Need Statutory Declaration For Company Formation In The UK?
Companies are created within the United Kingdom by preparing Form 10, Form 12 the memorandum of association as well as the articles of association. They then send the documents for registration to companies house, with the required fee, which is currently set at PS20.00 However, an express registration cost is PS50.00.
Formula 10 is available through Companies House – in the UK it is the name used to trade under for the register of companies ("the Registrar") in order to elect the directors who will be the initial directors for the corporation as well as the first official address for the business located. You also need nearby authorized witness signatures to verify your documents for the formation of the company.
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Formula 12 is a legally binding declaration that all legal requirements to establish the company have been observed with. It must be completed by a solicitor or by the person who is the initial director of the business and witnessed by the commissioner of oaths or solicitor.
The primary advantage of companies that are limited to shares is the fact that the liability of shareholders is only limited to the amount they spend on their shares. They are the most popular type of business for this reason. Shares can be issued without the requirement of immediate payment for shares. However, as with other companies, the business can issue "calls," which are demands made by its company shareholders to pay. If the shareholder fails to pay the demand the shares can be forfeited to the business.