English Company Formation – LBG

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English Company Formation – LBG

English Company Formation – LBG (Limited by Guarantee)

Ideal for Clubs, Non-Profit Organizations, Membership Organizations, Associations

 

LBGs, also known as “Guarantee-based companies” are companies that do not have share capital but have limited liability.

The members of the Guarantee Company are known as “Guarantors”, as their liability is limited to the nominal amount specified in the Articles of Association in order to ensure that each of them guarantees the liquidation of the Company’s debts.

LGB is most often used by non-profit organizations, charities, clubs, professional associations and educational institutions.

As there are no shares, LBG members generally believe that the Articles of Association prohibit the distribution of assets to members. Instead, the company’s profits should be used to further increase the company’s goals or, in the case of liquidation with the remaining assets, to be transferred to a similar non-profit organization.

(There may be employees in the company that can hire salaries. Otherwise, LGB can only take out the accumulated goods if it establishes a LTD, which can only operate under the control and control of the LGB. so the owner can make a dividend there.)

 

If the goal is to create a charity organization

If the purpose of registering the company to be founded as a charitable organization is to set up the LGB first, you can only apply to the authority for charitable status. LGB as a corporate form is ideal because it can be designed for non-profit purposes. The “guarantors” are replaced by the shareholders and the company operates normally without dividends.

The memorandum explicitly states that dividends will NOT be distributed among the owners. From this it follows straight away that the company can only use the accrued profit or profit for its own (or for what it was created) purposes.

These clauses may also be removed or modified by members to allow members to distribute profits, but this would mean that the company would lose its non-profit status and the company would not be able to continue as a charity.

 

Exemption from Limited Word

The Guarantee Company may be exempt from the use of the word “Limited” on its behalf, provided that the Company aims to promote or regulate trade, art, science, education, religion, charity or any other occupation. It is also necessary for the founding charter to include the above-mentioned non-profit distribution clauses. The company name does not include the word “Limited”, which indicates that the company is not in the public interest and not for the benefit of its members.

 

Registration

 

Company formation and company registration takes place within 7 to 14 days. The company needs to define an English operating address, the Registered Office Address.

It is also necessary to define the ownership structure of the company. An English LGB must have an owner and be a Director. The Director is the one who opens the company’s bank account and his name will be added to the company’s bank card. The owner will not have any access to the company’s bank account.

 

SIC codes

When the company is founded, the main activities of the company are classified into the SIC-Code (Standard Industrial Classification).

The maximum number of activities you can specify is 4. You can choose this by using the following link: http://www.siccode.com or the table on the English court page: https://www.gov.uk

For our non-English speaking clients, we recommend the Hungarian SIC code system, given that the definitions are roughly the same. You can choose this by using the following link: http://www.teaorszamok.hu/

 

Returns

At the end of the tax year, the company will provide a company bulletin on Companies Data, Capital, and Directors’ Data to Companies House.

Here in English the Confirmation satement. Annual Accounting produces an annual account statement and corporate tax returns to Corporation HMRC, ie Corporation Tax. (CT600) In the current tax year, the rate of the corporation tax iscorporation tax! In the future, this tax will gradually decrease down to 17%  until April 2020!

The UK is waiting for you! – join the English company foundation

and ask our help for any financial issues. We are looking forward to contacting you as soon as possible!

 

Phone: +44 (0) 140 – 337 – 2912;  +44 (0) 7550 – 14 – 1337

Email: info@symfalogic.com

Skype: Symfalogic Corporation

To start a business, fill out the form below:

English Company Registration Form

  • Customer Data

  • Establish New English Company Information (LGB)

  • Establishing company's prospective business scope

  • Director data

  • Each company must have at least one Director. The Director is responsible for the company's activities. When you opening a bank account, not (only) the name of the company, but the name of the Director will be marked with "Business". So, only the Director can access the company bank account. In the case of several Directors, it’s the same case.
  • Security questions

  • Director 2 or more

  • If the base tax company has only 1 Director, please leave the fields for Director 2 blank
  • Security Questions

  • In case of more Directors

  • Secretary Data

  • (Entering a secretary is not required in the company)
  • Sequrity Questions

  • In case of more Secretaries

  • Company Ownership Data

  • New English company needs owner. The owner may either be a private individual, either the Director or another foreign company. The owner of the company expresses ownership over shares of the company (which can not be exchanged).
  • If not (only) the Director is the owner

  • Selecting an Accounting Folder

  • Data protection

  • 1. The data controller informs the contractor that the personal data given in the contract, manage the performance of the contract.
    2. Personal data are addressed to: Symfalogic Corporation's employees performing customer service tasks, accountants, taxpayers and data processors.
    3. Duration of the storage of personal data is 5 years after termination of the contract.
    4. Personal data will be transferred to Simfalogic Accountancy Ltd purposed for posting and delivering to Simfalogic Consulting Ltd, to Royal Mail, postal mail to a given country and delivering services for property protection to the purposes of taxation and bookkeeping to the Trustee of the Symfalogic Corporation.
    5. Information on the rights of the person concerned and the data processors can be found at https://simfalogic.co.uk/en/adatvedelmi-szabalyzat/
  • Payment Options

  • Message

 

Verification

To continue your order, click the “Customer Gate” (top right, in the menu) link to register an account with your data. You can select the company folder you selected by clicking on the “Shop” button (in the header, on the top left) in your account and then selecting your order by selecting the following payment options:

PayPal> (Steps: Select a Package)> Payment (Green Button)> (Choose Payment Method) PayPal> Order (Blue Button)> Enter your PayPal account
Credit Card> (Steps: Select Package)> Payment (Green Button)> (Choose Payment Method) PayPal> Order (Blue Button)> Pay with Credit Card Option
Bank Transfer> (Steps: Select Package)> Payment (Green Button)> (Choose Payment Method) Mail in Payment> Order (Blue button) option.
Use the steps above to balance your order with Symfalogic Corporation.

Once the payment arrives, we will send you a confirmation to verify that the form is correct. As soon as we have received the confirmation of the correctness of the data from you, and the price of the selected folder arrives at us, we will start the process of establishing the company and we will inform you about any further steps.