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Form A Guarantee Company
Incorporating as a company limited by guarantee is commonly done by non profit organisations and charitable companies with operations in the UK. Companies limited by guarantee differ from other limited company formations in that they do not issue shares to their members, but instead require each member to pay a nominal amount in case the company is dissolved.
While the participants of a company limited by guarantee are obliged by law to cover some of the debts in case of insolvency, their level of commitment is limited and each member is not expected to cover all debts in full. The maximum percentage amount of the debt each member has to bear must be clearly laid out in the company's Memorandum & Articles of Association.
|Although it is commonly believed that guarantee companies cannot distribute profits to its members, this is actually not true. The distribution of profits can be allowed if the appropriate clauses are included in the Memorandum & Articles of Association, although doing so renders the company ineligible for charitable status under the UK Charities Act. |
Our specialist team at Fast Formation can register your non-profit organisation as a company limited by guarantee with Companies House. We can help write your company's Memorandum & Articles of Association, adapting them to meet any and all legal requirements placed by the Charities Act of 2006. With our fully electronic registration process, forming a company limited by guarantee in the UK has never been easier.
By law, you must ensure that your charity has an annual income of at least £5,000 before it can be registered as a charity by the UK's Charity Commission. Not only can our company formation specialists act on your behalf with the Companies House, we can also file the necessary paperwork with the Charity Commission in the UK. At the end of the registration procedure your company will be issued with a company registration number and a charity number.