You may think that submitting your company registration forms are the end of the hard work. However there are various records and documents you have to keep up to date to stay compliant.
Once your company is registered using Rocket Lawyer’s Company Formations you will receive:
- A Certificate of Incorporation
- A Memorandum of Association
- The Articles of Association
You are also required to issue share certificates to each shareholders and create various registers to record details of your company.
What is a Certificate of Incorporation?
A Certificate of Incorporation proves that your company has complied with all the requirements of the Companies Act 2006 and it exists as a legal entity. It confirms such things as the company name, registration number and date of formation.
What is a Memorandum of Association?
A memorandum of association is evidence of the initial shareholders’ agreement to form a company and to own shares in that company. Rocket Lawyer’s Company Formation will create this for you.
What are the Articles of Association?
Articles of Association are a company’s rule book. They set out how a company will make decisions and how it is to be run. A company can set out its own articles – provided they do not contain anything illegal, or can adopt the default Model Articles as set out in The Companies (Model Articles) Regulations 2008. If you incorporate using Rocket Lawyer’s Company Formation your company will adopt the Model Articles.
What is a share certificate?
A share certificate states which shareholders own how many shares. You must issue these certificates to shareholders within two months of registration.
What records do I need to create?
You need to record any directors service contracts and any minutes and resolutions of any meetings.
You also need to keep a register of
- the shareholders (a Register of Members)
- the directors
- the secretaries
Next week: more on staying compliant including ongoing filing and reporting duties.