Registering as a Company

Google Groups
1

We decided tonight we should form a non-profit company, and set up a
bank account etc, for easy handling of money.

I’ve spoken to russ at london hackspace, and he suggested setting up a
company-limited-by-guarantee, and recommended
http://www.companyregistration.uk-plc.net for the registration.

The cost is £46, but this includes all the setup and fees, and setting
up the bank account.

We then get £25 from barclays for setting up the bank account!

Everyone happy with this? Want to kick in £15 towards the formation
cost? We also need to choose one or more directors, and get a list of
members going.

2

If you set up as a Social Enterprise, you can source funding then if you
need it. Also you’d probably be better off with a Treasury Account rather
than a Business Account, not as many of the business fees but you can still
have multiple signatures on the account.

Have a look at the business-link website aswell, very useful info on there
:slight_smile:
http://www.businesslink.gov.uk/bdotg/action/layer?r.s=tl&r.l1=1073858805&r.lc=en&r.l2=1085161962&topicId=1077475650On 3 November 2010 23:29, Bob Clough parag0n@ivixor.net wrote:

We decided tonight we should form a non-profit company, and set up a
bank account etc, for easy handling of money.

I’ve spoken to russ at london hackspace, and he suggested setting up a
company-limited-by-guarantee, and recommended
http://www.companyregistration.uk-plc.net for the registration.

The cost is £46, but this includes all the setup and fees, and setting
up the bank account.

We then get £25 from barclays for setting up the bank account!

Everyone happy with this? Want to kick in £15 towards the formation
cost? We also need to choose one or more directors, and get a list of
members going.

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3

In one short sentence, what’s the rational? :slight_smile:

I’m happy to throw in �15 towards formation but bagsy not being a
director. :slight_smile:

[From my memories for Company-Limited by Guarantee you need several -
but read the instructions - they’ll be more knowledge than me. :slight_smile: ]

Cheers,

TimOn 03/11/10 23:29, Bob Clough wrote:

We decided tonight we should form a non-profit company, and set up a
bank account etc, for easy handling of money.

I’ve spoken to russ at london hackspace, and he suggested setting up a
company-limited-by-guarantee, and recommended
http://www.companyregistration.uk-plc.net for the registration.

The cost is �46, but this includes all the setup and fees, and setting
up the bank account.

We then get �25 from barclays for setting up the bank account!

Everyone happy with this? Want to kick in �15 towards the formation
cost? We also need to choose one or more directors, and get a list of
members going.

4

There are certain statutory obligations that you need to be aware of such as accounts, company register Annual General Meeting and end of year accounting dates.

The usual rationale for forming a Limited Company is that the organisation will become a legal entity in its own right and therefore continuity will be kept when people leave and join the board of directors. It also means that if something unforeseen happens then, as long as there isn’t any negligence you will just be limited to £1.

If you are going to be a not for profit it will have to be stated in your memorandum and articles of association (mem and arts) This might not be the case if its an off the shelf company. You will then have to go through the process of having your mem and arts changed.

You can opt for a Community Interest Company (CIC) and I’m sure there are people who can advise on this. FutureEverything is a CIC.

I suppose you just have to remember that the statutory obligations of a limited company cost a certain amount of money.

Hope this helps

JulianOn 3 Nov 2010, at 23:59, Tim Dobson wrote:

In one short sentence, what’s the rational? :slight_smile:

I’m happy to throw in Ł15 towards formation but bagsy not being a
director. :slight_smile:

[From my memories for Company-Limited by Guarantee you need several -
but read the instructions - they’ll be more knowledge than me. :slight_smile: ]

Cheers,

Tim

On 03/11/10 23:29, Bob Clough wrote:

We decided tonight we should form a non-profit company, and set up a
bank account etc, for easy handling of money.

I’ve spoken to russ at london hackspace, and he suggested setting up a
company-limited-by-guarantee, and recommended
http://www.companyregistration.uk-plc.net for the registration.

The cost is Ł46, but this includes all the setup and fees, and setting
up the bank account.

We then get Ł25 from barclays for setting up the bank account!

Everyone happy with this? Want to kick in Ł15 towards the formation
cost? We also need to choose one or more directors, and get a list of
members going.

–
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To post to this group, send an email to hacman@googlegroups.com.
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Julian Tait

Award winning global festival of art, music and ideas.

FutureEverything 2010
12-15 May, Manchester UK

FutureEverything
Third Floor, Swan Buildings
20 Swan Street
Manchester M4 5JW
T: 44 (0)161 834 1300
M: 44 (0)7802 851 394

http://www.futureeverything.org
julian@futureeverything.org

Twitter: @FuturEverything
Tag: #futr

5

The rationale is:

  • We want to start running bimonthly / quarterly workshops.
  • These workshops will use our self-developed kits, and hopefully
    make enough money to pay for tools and supplies for HACMan. We also
    want to look at selling these kits through a webshop.
  • Handling money needs a bank account.
  • Community bank accounts are a PITA. (needing all signees to be
    present to open the account etc)

This also gives us a legal entity for recieving donations / grants /
other delicious money, which can be used to buy tools, supplies, and
r&d more kits.

-BobOn 3 November 2010 23:59, Tim Dobson lists@tdobson.net wrote:

In one short sentence, what’s the rational? :slight_smile:

I’m happy to throw in Ł15 towards formation but bagsy not being a
director. :slight_smile:

[From my memories for Company-Limited by Guarantee you need several -
but read the instructions - they’ll be more knowledge than me. :slight_smile: ]

Cheers,

Tim

On 03/11/10 23:29, Bob Clough wrote:

We decided tonight we should form a non-profit company, and set up a
bank account etc, for easy handling of money.

I’ve spoken to russ at london hackspace, and he suggested setting up a
company-limited-by-guarantee, and recommended
http://www.companyregistration.uk-plc.net for the registration.

The cost is Ł46, but this includes all the setup and fees, and setting
up the bank account.

We then get Ł25 from barclays for setting up the bank account!

Everyone happy with this? Want to kick in Ł15 towards the formation
cost? We also need to choose one or more directors, and get a list of
members going.

–
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6

Thanks Julian,

The issue we had with a CIC was the asset transfer stuff. If the
worst should happen and we’re forced to close, with a CLG we can
distribute group-owned kit to the members for very little money,
whereas with a CIC it can only be sold to another company with the
same Community Interest for below market value.

The memorandum for a CLG from UKPLC seems to be designed for a
non-profit, so we shoudl be good there :slight_smile:

-BobOn 4 November 2010 00:34, Julian Tait julian@futureeverything.org wrote:

There are certain statutory obligations that you need to be aware of such as accounts, company register Annual General Meeting and end of year accounting dates.

The usual rationale for forming a Limited Company is that the organisation will become a legal entity in its own right and therefore continuity will be kept when people leave and join the board of directors. It also means that if something unforeseen happens then, as long as there isn’t any negligence you will just be limited to £1.

If you are going to be a not for profit it will have to be stated in your memorandum and articles of association (mem and arts) This might not be the case if its an off the shelf company. You will then have to go through the process of having your mem and arts changed.

You can opt for a Community Interest Company (CIC) and I’m sure there are people who can advise on this. FutureEverything is a CIC.

I suppose you just have to remember that the statutory obligations of a limited company cost a certain amount of money.

Hope this helps

Julian

On 3 Nov 2010, at 23:59, Tim Dobson wrote:

In one short sentence, what’s the rational? :slight_smile:

I’m happy to throw in Ł15 towards formation but bagsy not being a
director. :slight_smile:

[From my memories for Company-Limited by Guarantee you need several -
but read the instructions - they’ll be more knowledge than me. :slight_smile: ]

Cheers,

Tim

On 03/11/10 23:29, Bob Clough wrote:

We decided tonight we should form a non-profit company, and set up a
bank account etc, for easy handling of money.

I’ve spoken to russ at london hackspace, and he suggested setting up a
company-limited-by-guarantee, and recommended
http://www.companyregistration.uk-plc.net for the registration.

The cost is Ł46, but this includes all the setup and fees, and setting
up the bank account.

We then get Ł25 from barclays for setting up the bank account!

Everyone happy with this? Want to kick in Ł15 towards the formation
cost? We also need to choose one or more directors, and get a list of
members going.

–
You received this message because you are subscribed to the Google Groups “HACMan” group.
To post to this group, send an email to hacman@googlegroups.com.
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For more options, visit this group at http://groups.google.com/group/hacman?hl=en-GB.

Julian Tait

Award winning global festival of art, music and ideas.

FutureEverything 2010
12-15 May, Manchester UK

FutureEverything
Third Floor, Swan Buildings
20 Swan Street
Manchester M4 5JW
T: 44 (0)161 834 1300
M: 44 (0)7802 851 394

http://www.futureeverything.org
julian@futureeverything.org

Twitter: @FuturEverything
Tag: #futr

–
You received this message because you are subscribed to the Google Groups “HACMan” group.
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For more options, visit this group at http://groups.google.com/group/hacman?hl=en-GB.