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?
I’m happy to throw in Ł15 towards formation but bagsy not being a
[From my memories for Company-Limited by Guarantee you need several -
but read the instructions - they’ll be more knowledge than me. ]
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
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