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dazza12
6th December 2003, 23:10
I've recently taken the plunge and set up my Ltd co, and I'm hoping to transfer business to it from my brolly in the new year.

However, as this is my first time, I'm a little anxious about getting everything right and was hoping that some of the more seasoned Ltd co'ers could point me in the right direction. Google's been a great help, but there are a couple of issues I'm not sure about.

My company has been incorporated online, I now have the Memorandum and Articles of Association, and the Incorporation Certificate. My first query is regarding form 88(2). Does this have to be sent now, to reflect the agreement made by the shareholders to subscribe? If so, how long do I have?

Also, do I need to be appointing my bankers, accountants etc in the first meeting of directors? Or can this be put off for a later meeting or written resolution? Also, is this first meeting counted as a special meeting - in other words do the minutes of this meeting have to be forwarded to Co House?

Thanks in advance for any help.

www 1staccountancy biz
8th December 2003, 09:23
The appointment of bankers, accountants, etc does not have to be reported to Companies House by way of a special meeting. These are tasks that the directors should do as part of their duties.

The 88(2) should be filed as soon as you have decided on the share structure of the company. If someone has subscribed to shares then they must be able to have them!

AtW
8th December 2003, 21:50
can some of the shares get sold to relative at face value (£1) despite the fact that LTD might have (say) £1 mln earned in bank?
Assumption is that whoever makes that decision has got complete control over business.

JS
9th December 2003, 23:34
I wouldn't have 2 shares at £1 each these days (or any small number of low value shares between 'connected persons'). You need to put in some hefty cash to be outside S660.

Fortunately for me my other half and I put in £7500 from the joint account to buy a new computer and old car. So we should be OK. >D

AtW
10th December 2003, 21:24
err have not heard of S660 until like now :eek

edit: can hefty cash put at later date, say start with £1000 shareholder capital then inject further £10,000?