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How can you take advantage of recent changes to company law and the introduction of new articles?
The Companies Act 2006 has been designed with small businesses in mind and is intended to simplify governance and compliance processes for private companies limited by shares. A key change in the new legislation has been the introduction of new articles for private companies with effect from 1 October 2009.
If a company is formed after 1 October 2009, the directors and shareholders will be able to take advantage of the simplified procedures for running their company as set out in the new Articles.
There is no legal requirement for a company established before 1 October 2009 to change its articles, but its existing memorandum and articles of association might make it more difficult to use the new procedures because the old articles lack the provisions that have been updated in the new Companies Act.
This could mean that directors and shareholders will be uncertain about the extent of their powers and increase the risk of a potential breach of the new legislation. It may also make effective decision taking more difficult.
London Registrars will help you adopt new articles which are compliant with the Companies Act and enable the company to
- replace the difficult to understand language of the existing memorandum and articles with user-friendly and easily understood English
- remove any limitation on the type of business the company can undertake
- remove the upper limit on the company’s share capital and allow the directors to issue new shares without permission of the shareholders
- make greater use of electronic communication with shareholders and hold electronic meetings, eg. by telephone, of the directors and of the shareholders
- take advantage of the new provisions in the Companies Act 2006 relating to the pre-authorisation of directors’ conflicts of interest
- appoint a company secretary to take responsibility for ensuring that the company complies with the provisions of the new Companies Act.
For a special inclusive price of £75 plus VAT, London Registrars will:
- prepare the minutes and resolutions needed to adopt the new articles
- prepare one copy for the company containing the provisions outlined above, with guidance notes, and
- organise the filing of the new articles and resolutions at Companies House.
To take advantage of this limited time offer and ensure that your company’s governing documents are up to date, please go to our new articles of association page and orther the service now.
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