Re-issuing shares
Discussion
I have recently taken on a dormant company off a friend of mine who was not using it. (Company name was ideal for what I'm doing)
What I need to do next is get 100/100 shares put into my name; I understand I need to fill in a stock transfer form to do this? Is this just a simple case of printing one off the net and sending it in? Or does it need to be done by accountant??
Also I need to take a Memorandum & Articles of association into the bank to open the account again I am not to sure who does this?
Any advice appreciated...
What I need to do next is get 100/100 shares put into my name; I understand I need to fill in a stock transfer form to do this? Is this just a simple case of printing one off the net and sending it in? Or does it need to be done by accountant??
Also I need to take a Memorandum & Articles of association into the bank to open the account again I am not to sure who does this?
Any advice appreciated...
You do not NEED an accountant to do these transactions but one might be useful.
I presume you have purchased the company from your friend and consequently have paid him some "consideration" for the purchase of the company and its shares.
The form that needs to be completed is a Stock Transfer Form. This is not a Companies House form but is, in fact, a Stamp Duty form. This form needs to be forwarded to HM Revenue and Customs Stamps Branch and the appropriate Stamp Duty needs to be paid when submitting the form. The Stamp Duty should be a fixed fee of £5.00. Yoiur friend may have already done this anyway.
Companies House will update the change of ownership details of the shares when the Annual Return form is submitted to them at the due date. There is a section on that form to show details of share transfers during the year since the previous return was submitted.
Depending on how much you paid for the shares, your friend may have to return a Capital Gain for tax purposes - but that his his responsibility, not yours.
I presume you have purchased the company from your friend and consequently have paid him some "consideration" for the purchase of the company and its shares.
The form that needs to be completed is a Stock Transfer Form. This is not a Companies House form but is, in fact, a Stamp Duty form. This form needs to be forwarded to HM Revenue and Customs Stamps Branch and the appropriate Stamp Duty needs to be paid when submitting the form. The Stamp Duty should be a fixed fee of £5.00. Yoiur friend may have already done this anyway.
Companies House will update the change of ownership details of the shares when the Annual Return form is submitted to them at the due date. There is a section on that form to show details of share transfers during the year since the previous return was submitted.
Depending on how much you paid for the shares, your friend may have to return a Capital Gain for tax purposes - but that his his responsibility, not yours.
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