New company vs change existing company

mo_bhicycle

Hi all,
a friend and I are in the process of setting up a limited company.
I have a previous company, which never traded, from an old project in the same space. I've been meaning to unregister this company for the last year or so but the hassle of the newspaper notice etc has caused me to keep putting it off.
I was thinking I could change the shareholding and the name of the untraded company rather than unregister it and register a completely new company.

Does this make sense?
Are there any potential issues with what I'm thinking of?

I've filed accounts each year for the existing company so there aren't any outstanding fines etc.

Peterdalkey

It does make sense! The clean untraded company is really no different to the off the shelf one's you can buy! It will also save you a few bob!

J.Ryan

mo_bhicycle wrote: »

...... I've been meaning to unregister this company for the last year or so but the hassle of the newspaper notice etc has caused me to keep putting it off.
I was thinking I could change the shareholding and the name of the untraded company rather than unregister it and register a completely new company.

Does this make sense?
Are there any potential issues with what I'm thinking of?

I've filed accounts each year for the existing company so there aren't any outstanding fines etc.

and the hassle of changing the memo and arts?

dbran

Hi

You will have to amend the memorandum and articles if you wish to change the company's name. You probably should also amend the objects clause while you are at it. You will also have to resign the current directors and appoint a new ones as well as change the shareholders. You will probably save money if you know what to do.

Personally I would always insist on a new company unless I knew the previous directors and shareholders very well and knew what the company was originally used for . Get the old directors to indemnify or hold harmless any unidentified costs that the company has incurred while they were acting as directors.

Regards


dbran

mo_bhicycle

Thanks for all the replies guys.
I'd totally omitted to factor in the changes to memo and arts.

Peterdalkey

mo_bhicycle wrote: »

Thanks for all the replies guys.
I'd totally omitted to factor in the changes to memo and arts.

Not much difference as you would have to do them for a new co too!!