The process of starting a new business is relatively easy, especially when you use a training team to set up a company—your goods can be traded and sold quickly.
However, with a variety of stipulations in mind, the method of closing a limited company can be comparatively difficult. Cheap limited company accountants will describe how a limited company which never traded to a limited company and who to contact when you're ready to stop trading would close.
Closing down a Limited Company
It is important that we look at the factors related to closing a limited company before exploring how to close a limited company that has never traded so that you can make necessary comparisons based on the status of your company.
It is primarily on two things that a limited company closes:
Is it solvent?
Is this insolvent?
Strike off the register of a solvent company
If a corporation is a solvent, it ensures that they can pay their bills (insolvent companies are unable to pay their bills). Cheap accountants in London will help business directors to apply directly to Compañies House to have their company removed from the register as the easiest way to close a solvent company.
A number of provisions must be fulfilled, such as clearing unpaid debts and not trading within the last 3 months in order to strike off a viable business with the Companies House. The directors of the Company may sign and send a DS 01 form to Companies House, once these conditions have been clarified.
It should take about 3 months to strike out the business if the form you send and the data are not disputed.
Liquidation of company
Until describing how to close a limited company that never traded, voluntary liquidation is an alternative way to close a limited company that has sold.
The managers shall announce and confirm that their debts can be fully settled within 12 months of the date of the initiation of the termination process to conclude a solvent firm by the voluntary liquidation of its members.
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