Founding a company means launching or starting a business with the intention of making revenue. This could be on your own or with a co-founder(s).
Ideally, it would be advantageous to found your company legally by incorporating it. Incorporation is a legal means of forming a new business. The incorporated business exists as a legal entity in its own right separate from yourself.
Depending on where you live there are numerous advantages to an incorporated company.
Limited liability of the founders is one advantage. What this means is as a founder, if your company were to go under there would be limited repercussions towards you as an individual, as it is the company and not yourself that has folded.
The ‘corporate veil’ is another. By incorporating and forming a legal entity you are shielding yourself personally from lawsuits and other claims as it would be the company and not yourself that would be sued.
Incorporating your business makes it easier for investors to invest in your business and get allocated a share.
In the UK, there are several types of incorporated entities the main one for start-ups being the Limited Company or Ltd.
In the USA you have the LLC or C Corp.
Forming a company in the UK is relatively simple and can be done easily online.
Pop Up World provides easy company formation for start-ups.
The steps to founding a company are relatively simple but it’s important to give them some thought.
- Think of a unique name. In order to incorporate your new company, you need to think of a unique name that has not already been registered.
- Incorporate your company and register all the founders with an agent or incorporating body in your jurisdiction.
- Register your new company for tax and other business requirements such as corporation tax, data protection licences, business permits etc.
- Open a bank account. Give your new registration details to a bank to open a business bank account.
- Start Trading. Once you have a bank account you can start trading, hire staff, Raise Capital etc.
- Obligations. Remember that founding a company comes with legal obligations such as filing accounts or annual meetings.
For more information on founding your company check out the Business Zero To Superhero Start up Guide.
Hope this helps!
Graham Jules
***Disclaimer: This article is not financial or legal advice and is given for informational and entertainment purposes only. Readers should conduct their own research and not invest more than they can afford to lose. Crypto is extremely volatile, and as such can drop in value considerably without notice. Pop Up World has a global presence and is not specifically targeting any jurisdiction with its content. Any crypto references are not intended for UK businesses or consumers. You should always seek legal advice to understand if the use or investment in crypto is allowed in your jurisdiction.
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It starts with an idea. Pop Up World is a platform that helps start-ups and small businesses reach for the stars. No matter what size you are. Use our start-up guide Business Zero to Superhero, Design your Logo. Connect with investors via our Investor Connector. You can start a Website and Domain name. You can Search for and promote your Premises. You can promote your idea for free on our Pop Up World Ads site, you can even form a Limited Company You can also join us on our journey via the Pop Up World Token (PUW).
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