I have just opened my first LTD company in the UK, and I am trying to understand the way one goes about it.
Being a self taught person I have been trying to understand how it works by reading .GOV website. I am trying to avoid using the services of an accountant, thus I am trying to get my head around this.
- The company was incorporated with 100 shares worth £1 each.
- I (the Director) am the sole shareholder.
- I am also the only employee.
- The company does not have a secretary.
- I have opened a Countingup account (bank) in the name of the business.
Does the LTD currently have £100 pounds worth of assets? If so, do I have to transfer theses £100 pounds into the LTD's account?
Can I use these £100 to buy services, materials etc. for my business?
Thank you very much for your time and consideration. If you can recommend me further reading on the subject I would be more than happy, as I find it pretty amazing how much mystification appears to be in the process.