Corporate Services

When running any business, there is always a great deal of administrative work that needs to be done. However, as the old cliché goes “time is money”, so the less time you spend dealing with paperwork and administrative matters, the more time you have to run a successful business and make a profit.

Companies, in particular, must comply with various formalities to avoid running the risk of incurring fines and penalties. Two such formalities are the filing of an annual return and a set of accounts at Companies House every year. Failure to file these documents on time can lead to penalties of up to £1000 for each document. Therefore, it is extremely important that you meet the deadline and complete the documents correctly. Particularly as in a number of case, directors can face potential criminal and financial liabilities for non-filing.

At the end of April 2006, there were 2.15million active companies listed on the public register of companies at Companies House. However, only 62.6% of them managed to file their annual returns on time. In addition, from 31 March 2004 – 31 March 2005, 180,039 private limited companies in England and Wales failed to file their accounts on time! This led to Companies House recovering £37.8m in penalties.

Governance

It is also important for companies to ensure that they have the correct numbers of officers. Although a company can have just one director, it needs to have a company secretary (and the company secretary cannot also be the sole director). Therefore, many smaller companies will need to find a solution to this potential dilemma to ensure that they are complying with the law.

The Solution!

To help to alleviate the administrative burden placed upon companies, and to reduce the revenue going to Gordon Brown, Follett Stock Solicitors are pleased to announce the launch of their new Corporate Services. The services include different levels of company secretarial service (depending upon an individual company’s requirements), the provision of a registered office, and an electronic incorporation service using a direct link to Companies House. By being one of the only firms in Cornwall with this new facility, companies can be incorporated in a matter of hours rather than days, with the added benefit of being able to provide expert advise and bespoke services tailored to your own individual requirements.

For further information on these new services, please contact Hugh Murrell, the head of the Commercial Department, either by telephone on 01872 241700, or alternatively by email at hugh.murrell@follettstock.co.uk.