{"id":11885,"date":"2024-03-24T12:54:44","date_gmt":"2024-03-24T12:54:44","guid":{"rendered":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/?p=11885"},"modified":"2024-10-09T11:03:25","modified_gmt":"2024-10-09T10:03:25","slug":"set-up-company-still-at-school","status":"publish","type":"post","link":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/set-up-company-still-at-school\/","title":{"rendered":"How to set up a company if you\u2019re still at school"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you\u2019re currently attending school and have a great idea for a business, great news! You can already set up and own a private company limited by shares &#8211; one of the most popular business structures in the world. This is because there is no age restriction placed on company shareholders. These, the owners of a company, can be 101 or one.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article, we show you how to set up a company as someone who is still attending school.\u00a0<\/span><\/p>\n<h3>Restrictions\u00a0for school-aged entrepreneurs<\/h3>\n<p><span style=\"font-weight: 400;\">Whilst a company can be owned by anyone of any age, there are restrictions placed on who can and can\u2019t be a company director &#8211; the individual (or other company) who is responsible for the general day-to-day running of the company. One of these restrictions is the person (or people) named as a director must be at least 16 years old.<\/span><\/p>\n            <div class=\"revolut_shortcode\">\n                <a href=\"https:\/\/revolutbusiness.ngih.net\/daV2kQ\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/revolut_mobile.png\"\n                        alt=\"Revolut Business & Affiliates.\"\n                        class=\"revolut_shortcode-mobile\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/revolut_desktop.png\"\n                        alt=\"Revolut Business & Affiliates.\"\n                        class=\"revolut_shortcode-desktop\">\n                <\/a>\n            <\/div>\n            \n<p><span style=\"font-weight: 400;\">Because of this, if you are under 16 years old, you will need to appoint someone else as your company\u2019s director (a company requires a minimum of one). This can be anyone who you trust, such as a parent\/guardian, other family member, or friend, provided that they:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Understand the <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/the-role-and-responsibilities-of-a-company-director\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">responsibilities that come with being a company director<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Are not an undischarged bankrupt<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Are not a disqualified director<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">By naming someone else as the director, you are not relinquishing the power of your company over to this person as you can name yourself as the company\u2019s person with significant control, this being the person or other corporate entity who holds ultimate control.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, a further complication arises when you consider contracts. You may find that other businesses are not willing to work with you (yet), as any contracts you enter into are essentially unenforceable as you are a minor. Furthermore, you will not be able to open a dedicated business bank account or get credit for your business until you are 18.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nonetheless, if you do have a great idea for a business, you shouldn\u2019t let these challenges deter you. As mentioned, perhaps you can partner up with someone else, and when it comes to funding, explore the most traditional option &#8211; your parents. Which brings us nicely to\u2026<\/span><\/p>\n<h3>Discuss setting up a company with your parent or guardian<\/h3>\n<p><span style=\"font-weight: 400;\">Before you jump in and form your company, you must talk it through with a parent\/guardian or teacher first. Forming a company is a big commitment that can have serious financial implications. Whilst the limited company structure provides a level of financial protection, it is still possible to make a mistake and set your company up in a way that makes you financially vulnerable.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Plus, once you have set up a company, there are other things that you need to take care of that can be a bit complicated for anyone. With this in mind, if you are committed to starting your own business, consider doing so with someone else whom you trust and who fully understands what you need to do to maintain the company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Starting a business as a young person should be fun. You shouldn\u2019t invest heavily by putting all your savings at stake or borrowing a significant amount from anyone. If you do find that things are getting out of control, get in touch with <\/span><a href=\"https:\/\/www.childrenssociety.org.uk\/information\/young-people\/advice\/money-problems\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">The Children\u2019s Society<\/span><\/a><span style=\"font-weight: 400;\"> who will be able to offer you professional guidance about debt and money problems.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You should also consider getting in contact with business owners whom you look up to and getting their advice. By all means, reach out to anyone who inspires you, but you may find that the entrepreneurs who are local to you will be more receptive and willing to listen to your ideas, offer help and potentially even mentor you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Setting up a company is a big step. Only jump in when you\u2019re ready.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Okay, let\u2019s now look at how you can go about setting up your own company.<\/span><\/p>\n<h3>Companies House vs company formation agent<\/h3>\n<p><a href=\"https:\/\/www.gov.uk\/government\/organisations\/companies-house\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Companies House<\/span><\/a><span style=\"font-weight: 400;\"> are the \u2018executive agency\u2019 of the UK government that oversees the incorporation and dissolution of UK companies. When looking to form a company, you need to decide whether to do it directly through Companies House or by using a company formation agent, like <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">QCF<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using an accountant is also an option, however, an accountant is likely to be using Companies House or an agent anyway (and will often charge significantly more money).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Companies House provide one basic online registration service that costs \u00a350 (paper registration is also available for \u00a371). With this service, the company is formed and you are provided with a digital copy of the certificate of incorporation and memorandum and articles of association.<\/span><\/p>\n            <div class=\"names_shortcode\">\n                <a href=\"https:\/\/acn.ionos.co.uk\/aff_c?offer_id=3&amp;aff_id=8964&amp;url_id=309\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/242634_Domains_Banner-Cooperation_QCF_325x340_UK.png\"\n                        alt=\"FREE .co.uk Domain Name.\"\n                        class=\"names_shortcode-mobile\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/242634_Domains_Banner-Cooperation_QCF_980x150_UK.png\"\n                        alt=\"FREE .co.uk Domain Name.\"\n                        class=\"names_shortcode-desktop\">\n                <\/a>\n            <\/div>\n        \n<p><span style=\"font-weight: 400;\">In comparison, a company formation service will offer several packages, with different packages providing different additional services. For example, at QCF, we provide a <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/basic-package\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Basic Package<\/span><\/a><span style=\"font-weight: 400;\"> priced at \u00a351.99 that, on top of the company registration (the Companies House fee is covered), includes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Digital copies of the certificate of incorporation, memorandum and articles of association, share certificates, and company registers with first entries<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The option to open a free business bank account (provided someone within your company is aged 18 or over)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Free access to the Client Portal, where you can manage your company and perform numerous administrative jobs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Free Pre-Submission Review service whereby your application is checked by one of our company experts before it\u2019s submitted to Companies House<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Free domain name with our partner, IONOS<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">At the other end of the spectrum, we offer a <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/fully-inclusive-package\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Fully Inclusive Package<\/span><\/a><span style=\"font-weight: 400;\"> priced at \u00a3129.99 which, as well as including everything mentioned above, also comes with:\u00a0<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Printed copies of the certificate of incorporation, memorandum and articles of association, and share certificates<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Registered Office Address Service for 12 months<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Service Address for 12 months<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Business Address Service for 12 months<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">GDPR Compliance Package<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Confirmation Statement Service<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">VAT Registration Service<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">PAYE Registration Service<\/span><\/li>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Full Company Secretary Service &#8211; our premium service, including 15 changes to your company per year and monthly solicitor-written guidance notes<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It\u2019s important to highlight that, regardless of who you choose to form with, the information required to register the company, and the result, is the same thing: a private company limited by shares. The key differentiator is the ongoing support and additional services that a company formation agent can provide.<\/span><\/p>\n<p><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/formation-packages\/\" data-wpel-link=\"internal\">Take a look at the QCF company formation packages<\/a><\/p>\n<h3>The company set up process<\/h3>\n<p><span style=\"font-weight: 400;\">Now we\u2019re going to look at the information that you need to provide to form a private company limited by shares. If you have all the below information to hand, completing the necessary online form should take approximately 15-30 minutes.<\/span><\/p>\n<h4>Company name<\/h4>\n<p><span style=\"font-weight: 400;\">You can choose any name that you want for your company, provided that it:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ends with \u2018Limited\u2019 or \u2018Ltd\u2019 (or the Welsh equivalents; \u2018Cyfyngedig\u2019 or \u2018Cyf\u2019)\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Is unique to <\/span><a href=\"https:\/\/find-and-update.company-information.service.gov.uk\/?_ga=2.67795410.2137618472.1710751573-2014478159.1710262464\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">the Companies House register<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Could not be construed as the \u2018Same as\u2019 another name on the register<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Is not \u2018Too \u2018like\u2019 another name on the Companies House register unless it is part of the same group as the original company or you have written approval from the original company<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Is not offensive<\/span><\/li>\n<\/ul>\n<p><b>\u2018Same as\u2019 example: <\/b><span style=\"font-weight: 400;\">Example Company Name UK Ltd and Ex@mple Company N@me UK Ltd would be considered the \u2018Same as\u2019 Example Company Name Ltd.<\/span><\/p>\n<p><b>\u2018Too like\u2019 example: <\/b><span style=\"font-weight: 400;\">This Iz A Company Name Ltd and This Is A Co Name Ltd<\/span> <span style=\"font-weight: 400;\">would be considered \u2018Too like\u2019 This Is A Company Name Ltd.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You also need to be mindful of sensitive words and expressions. This is a list made up of, you guessed it, words and expressions that you can\u2019t use without written approval from a necessary body. This document would then need to be uploaded to your company formation application.<\/span><\/p>\n<p><b>Sensitive words and expressions examples: <\/b><span style=\"font-weight: 400;\">If your company name included \u2018Health centre\u2019 or \u2018Health service&#8217; in it, you would need approval from the Department of Health and Social Care. If your company name included \u2018Insurance\u2019 in it, you would need approval from the Financial Conduct Authority. <\/span><a href=\"https:\/\/www.gov.uk\/government\/publications\/incorporation-and-names\/annex-a-sensitive-words-and-expressions-or-words-that-could-imply-a-connection-with-government\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">You can view the full list of sensitive words and expressions here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">company name check tool<\/span><\/a><span style=\"font-weight: 400;\"> will let you know immediately whether or not your company name is available, taking into consideration the \u2018Same as\u2019 and \u2018Too like\u2019 rules. It will also notify you if it includes any sensitive words and expressions and if it does, who you need to seek approval from.<\/span><\/p>\n<h4>Business activities<\/h4>\n<p><span style=\"font-weight: 400;\">When registering your company, the government requests that you give them an indication of what your business will be doing. This is done by selecting one to four SIC (Standard Industrial Classification) codes from a list that is presented to you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The codes are surprisingly focused, so you should be able to find at least one that is appropriate. For example, 10520 is the code for \u2018Manufacture of ice cream\u2019, whereas 38310 is the code to use if your business will be involved with the \u2018Dismantling of wrecks\u2019.<\/span><\/p>\n            <div class=\"hubspot_shortcode\">\n                <a href=\"https:\/\/hubspot.sjv.io\/OrKdGZ\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/hubspot_mobile.png\"\n                        alt=\"Get Started With HubSpot's Free Tools.\"\n                        class=\"hubspot_shortcode-mobile\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/hubspot_desktop.png\"\n                        alt=\"Get Started With HubSpot's Free Tools.\"\n                        class=\"hubspot_shortcode-desktop\">\n                <\/a>\n            <\/div>\n        \n<p><span style=\"font-weight: 400;\">Once you have selected your code(s), you are not bound to that industry. The purpose of the code is to indicate your activity, it\u2019s not a pledge. Whilst you should do your best to choose appropriate codes, you shouldn\u2019t be concerned if you do choose a code that, further down the line, isn&#8217;t representative of what you do. Plus, you can update your SIC code(s) when you file your annual <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/understanding-confirmation-statement-psc-register\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">confirmation statement<\/span><\/a><span style=\"font-weight: 400;\"> if you wish.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read this blog for more information: <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/choosing-sic-code-limited-company\/\" data-wpel-link=\"internal\">Choosing a SIC code for your limited company<\/a><\/span><\/p>\n<h4>Registered office address<\/h4>\n<p><span style=\"font-weight: 400;\">All limited companies require a registered office address. This is the official address where bodies such as Companies House, <a href=\"https:\/\/www.gov.uk\/government\/organisations\/hm-revenue-customs\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">HMRC<\/a> and the <a href=\"https:\/\/ico.org.uk\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">Information Commissioner\u2019s Office<\/a>, as well as the courts, will send their correspondence for the company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your company has no obligation to trade from the address. The only requirements are that:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is based in the UK<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It is not a PO box address<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You have permission from the property owner to use the address<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You have access to the official mail that is delivered to the address<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Using a residential address as the registered office is permitted but not recommended because the location is placed on the Companies House public register. This means that any interested person can look up your company online and find the address, making you vulnerable to unwanted visitors and, potentially, ID fraud.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Several of our company formation packages include our Registered Office Address Service. This allows you to use our Covent Garden address as your company\u2019s official address, meaning your parent\/guardian\u2019s address doesn\u2019t have to appear on the public register.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/services\/registered-office-address\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Find out more about our Registered Office Address Service<\/span><\/a><\/p>\n<h4>Registered email address<\/h4>\n<p><span style=\"font-weight: 400;\">This is your company\u2019s official email address and where official bodies will send their email correspondence. Unlike the registered office address, this information is not made publicly available.<\/span><\/p>\n<h4>Director information<\/h4>\n<p><span style=\"font-weight: 400;\">This is the person who is responsible for the general running of the company. For every director named in your company (you require at least one), you must provide the following information:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Title and full name<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Date of birth (remember, the director must be aged at least 16)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nationality<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Occupation\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/what-is-a-directors-service-address\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Service address<\/span><\/a><span style=\"font-weight: 400;\"> &#8211; similar to the registered office address but for the director (it is published on the public register)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Residential address (this is not published on the public register unless it is also being used as the registered office address or service address)<\/span><\/li>\n<\/ul>\n<h4>Shareholder information<\/h4>\n<p><span style=\"font-weight: 400;\">This is the owner of the company. For every shareholder named in your company (you require at least one), you must provide the following information:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Title and full name<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Date of birth<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nationality<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Occupation\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Residential address (this is not published on the public register unless it is also being used as the registered office address or service address)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The answer to 3 of the following security questions: mother\u2019s maiden name, father\u2019s forename, town of birth, telephone number, national insurance number, or passport number<\/span><\/li>\n<\/ul>\n<p><b>Share information<\/b><\/p>\n<p><span style=\"font-weight: 400;\">For every shareholder you name, you must provide the following share information:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Quantity of shares held<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Currency of shares held<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Price per share<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Class of shares<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Shares define ownership of the company.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are going to be a joint shareholder, provided that all shareholders own an equal amount of the same sort of share, the ownership of the company would also be equal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are the only shareholder in the company, regardless of whether you give yourself one share or 1,000 shares, you would own 100% of the company.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, it&#8217;s not a good idea to allocate yourself a large number of shares without good reason. A limited company provides a certain level of financial protection to its owners. This means, were you to enter financial difficulties and owe another business money, you would only need to pay a fixed sum from your personal finances. This exact figure is the unpaid nominal value of the shares that you have.<\/span><\/p>\n\t\t<div class=\"worldfirst_shortcode\">\n\t\t\t<a href=\"https:\/\/portal.worldfirst.com\/register?region=UK&amp;affiliate_id=10378\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/WFT_BANNER_326x341.png\"\n\t\t\t\t\talt=\"Worldfirst - Pay and get paid in multiple currencies\"\n\t\t\t\t\tclass=\"worldfirst_shortcode-mobile\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/WFT_BANNER_980x150.jpg\"\n                    alt=\"Worldfirst - Pay and get paid in multiple currencies.\"\n\t\t\t\t\tclass=\"worldfirst_shortcode-desktop\">\n\t\t\t<\/a>\n        <\/div>\n        \n<p><span style=\"font-weight: 400;\">If you only allocate yourself one share worth \u00a31 and you haven\u2019t yet paid for this share, you would end up owing \u00a31. If you had paid for the share you wouldn\u2019t owe anything.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if you allocate yourself 1,000 shares worth \u00a31 each (and you haven\u2019t yet paid for these), you could be liable for \u00a31,000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because of this, to limit your financial liability, we recommend only allocating a low number of shares, each with a low individual value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Allocating shares is the most complex part of the company formation process. Take a look at the below blogs for more information:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/understanding-limited-company-shares\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Understanding limited company shares<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/company-shares-paid-partly-paid-and-unpaid-explained\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Company shares \u2013 paid, unpaid and partly paid<\/span><\/a><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you have any questions, <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/contact-us\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">get in touch<\/span><\/a><span style=\"font-weight: 400;\"> and we\u2019ll be happy to help.<\/span><\/p>\n<h4>People with significant control (PSC) information<\/h4>\n<p><span style=\"font-weight: 400;\">This is the person who holds ultimate control of your company. A person is deemed to be a PSC if they have a noteworthy degree of power in the company which is defined by their \u2018nature of control\u2019.\u00a0 For example, a shareholder who has 75% or more of shares in the company would be defined as a PSC (typically the PSCs in the company are also shareholders).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In rare instances, it is possible for a company not to have any PSCs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For every PSC named in your company, you must provide the following information:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Title and full name<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Date of birth<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nationality<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Occupation\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Service address<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Residential address (again, this is not published on the public register unless it is also being used as the registered office address or service address)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nature of control information &#8211; you will be provided with several questions, you just need to select the answers that are appropriate to your PSC<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Read this blog for more information: <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/people-with-significant-control\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">People with significant control \u2013 who are they and what do they do?<\/span><\/a><\/p>\n<h4>Articles of association<\/h4>\n<p><span style=\"font-weight: 400;\">This is the internal company document that outlines how the business is going to be run and contains information on the responsibilities of the directors and the level of influence shareholders have (amongst other details).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most people choose to use a default version of this document (known as model articles) that is appropriate for the majority of companies. This can be selected as part of the company formation process.\u00a0<\/span><\/p>\n            <div class=\"complete_package__shortcode\">\n                <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/fully-inclusive-package\/\" data-wpel-link=\"internal\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-quality.s3.eu-central-1.amazonaws.com\/assets\/custom\/images\/blog\/qcf-blog_sidebar.png?v=2\"\n                        alt=\"Fully Inclusive Package Special Offer\"\n                        class=\"complete_package__mobile\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-quality.s3.eu-central-1.amazonaws.com\/assets\/custom\/images\/blog\/qcf-blog_banner.png?v=3\"\n                        alt=\"Complete Package Special Offer\"\n                        class=\"complete_package__desktop\">\n                <\/a>\n            <\/div>\n        \n<p><span style=\"font-weight: 400;\">It is also possible to write and upload your own version of the articles of association (known as bespoke articles) if there are specific details that you want to include. We recommend only doing this if you have professional assistance as incorrectly drawn-up articles of association can result in your company formation application being rejected.\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Read this blog for more information: <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/what-are-articles-of-association\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">What are the articles of association?<\/span><\/a><\/p>\n<h4>Review the information you have provided<\/h4>\n<p><span style=\"font-weight: 400;\">That\u2019s all the information you need to provide to form the company. All that\u2019s left for you to do is review everything you\u2019ve entered just to ensure that you haven\u2019t made any mistakes. Once you\u2019re happy, you can submit the application.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are using one of the QCF formation packages, your application will be reviewed again by our team of company experts. They will then send the application to Companies House on your behalf.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Companies are often formed in as little as three to six working hours. As soon as your company has been formed, you will receive digital copies of the certificate of incorporation, and memorandum and articles of association (if using QCF, you will also receive extra information about the additional services included as part of your order).<\/span><\/p>\n<h3>So there you have it<\/h3>\n<p><span style=\"font-weight: 400;\">That was how to set up a company whilst still attending school.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Follow the advice covered in this blog and accompanying articles and you will find that setting up your company is a relatively simple process.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you have any questions about the company formation process or your responsibilities after forming a company (such as registering for <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/how-corporation-tax-works\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Corporation Tax<\/span><\/a><span style=\"font-weight: 400;\">, registering for <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/self-assessment-guidance-for-company-directors-and-shareholders\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">Self Assessment<\/span><\/a><span style=\"font-weight: 400;\">, filing a <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/how-to-file-a-confirmation-statement\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">confirmation statement<\/span><\/a><span style=\"font-weight: 400;\">, or filing <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/preparing-annual-accounts-limited-company\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">annual accounts<\/span><\/a><span style=\"font-weight: 400;\">), please leave a comment and we\u2019ll get back to you shortly.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And remember, before jumping in and setting up your own company, it\u2019s really important that you talk it through first with your parent\/guardian or a teacher.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thanks for reading, and best of luck on your business adventure!<\/span><\/p>\n"},"excerpt":{"rendered":"<p>If you\u2019re currently attending school and have a great idea for a business, great news! You can already set up and own a private company limited by shares &#8211; one of the most popular business structures in the world. This is because there is no age restriction placed on company shareholders. These, the owners of&hellip;<\/p>\n","protected":false},"author":28,"featured_media":11932,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false},"categories":[1231],"tags":[],"class_list":["post-11885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-formation","category-1231","description-off"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.0 (Yoast SEO v24.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Set Up a Company if You\u2019re Still at School<\/title>\n<meta name=\"description\" content=\"Do you have a great business idea and still attending school? You can still set up a company. 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