Me and my friend want to start our own website development company which of the following do we legally nee?
Need*
We don’t intend to have any employees, just ourselves
3 bound copies of Memorandum and Articles of Association
5 bound copies of Memorandum and Articles of Association
Company Seal
Company Register - Hardback maroon
Company Register - Loose Leaf
Registered Office
Mail Forwarding
Nominee Secretary
Nominee Director
Nominee Shareholder
Maintenance of Statutory Books
Writing up of Initial Entries (includes a Loose Leaf register)
for a Ltd company
You don’t legally need any of these things.
I recommend you start as freelance rather than with a Ltd. This will save you the set up costs. If your business is successful, you might want to form an LLC which will allow you the asset protection of an Ltd but the tax advantages of a partnership.
What you must do at the outset is:
1. Decide between you how you will split the costs and profits. Write this down and both sign.
2. Draw up an indemnity letter that your customers will sign so that you are not liable for errors or copyright issues as a result of putting up material provided by your customers. You can find some good example letters on the internet.
What you should do at the outset is:
Think about who and how you are going to go out and find the business (by far the hardest part of the work), how you are going to bill and what kind of hourly/daily rate you are going to aim for