Question

Question from Commerce
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Explain the process of formation of a company.
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Answer 1

Hey There! The formation of a company is a lengthy process. The process of company formation may be divided into the following four stages :→

1. Promotion Stage

2. Incorporation or Registration Stage

3. Capital Subscription Stage

4. Commencement of Business Stage.

Answer 2

Company formation is incredibly simple :- only one person is required; the entire process can be carried out online. To register a private company limited by shares or guarantee, you will require:

• Unique company name.

• Registered office address in England and Wales, Scotland or Northern Ireland.

• Minimum of one director.

• Minimum of one shareholder or guarantor – can also be the director.

• Memorandum and articles of association.

• Share capital of at least one issued share.

• Up to four Standard Industrial Classification codes to describe what the business does.