Ready Made Company Formation – Business Owning Made Easy
Setting up a new company is almost always time-consuming and laborious. There are so many things to be taken care of, learning the laws of the land, purchasing a location for the administrative offices, and hiring an agent to get the work done for you. What if you could cut out the limited company formation service online hassle from the incorporation of a company? Purchasing a ready-made company can be a great solution for all your hassles.
Many corporate firms now offer ready made companies for sale. These companies have all documentation performed under the name of an owner, usually a director of the firm. When you purchase the company, the ownership is legally transferred to you. There is no need to file the Memorandum of Association and the Articles of Association. The corporate firm selling you the company would already have taken care of those formalities for you.
Acquiring a ready made company is also a great way of expanding your business overseas. If the company functioned for some time, surely it would have a client base of its own. When you purchase the company, the client base will be automatically transferred to you, thus ensuring good profits from day one itself. Besides, if the company had some good reputation, you can bank on that for getting new clients as well.
Company formation agents often keep track of companies looking for new owners. They also keep track of firms having registered companies for sale. When you approach company formation agents for setting up your new company, ask for this option. Not only will this lower the hassles for setting up the company, it will also lower the amount of fees you have to pay to the agent.
There are some drawbacks to buying a ready made company though. For one thing, you cannot change the name of the company to something you like. That would change the identity of the entire company. So, even if you don’t like the name of the company, you are stuck with it. Secondly, when you buy a readymade company, the employee structure that was registered with the business registration offices may be different from that of your company. In that case you will have to issue resolutions approved by the Board of Directors of your company to change it. The process is not too time consuming, but is a hassle nonetheless.