Selling on Amazon, An Introduction For Beginners. My Amazon Journey – Company Set up Part 2.

amazon 3Title:Selling on Amazon, An Introduction For Beginners

Subtitle: Company Set up, Setting up a Private Limited Company.

Wednesday 18th July, 2016 @ 21:17

Following on from my last post regarding Company Set up I have an update!!

Company Set up – As you can see from my last video that I haven’t had much luck with company set up – I’ve found it so difficult and virtually impossible to get people to assist me! I don’t know whether you’re meant to know all this business jargon before you start but I didn’t and still don’t BUT I did it!

I have no clue what shares mean and no clue how to dish them out! Anyway I read through A LOT of information (government provided) about shares and finally found the answer. Most limited companies with 1 director and shareholder offer 1 share which actually makes sense(I’m making this a very basic explanation)(if you want to find out more information on setting up businesses for first timers then check the links attached throughout the blog). It was noted that giving more than 1 share would make it easier when coming to sell the shares but I’m going to cross that bridge when I come to it.

I used a company called 1st Formations, based in London. I just typed on google – Company Set Up. I chose it because it had a YouTube video of the process that I would need to go through online. On the government website there were so many sections and subsections you had to enter information for (ones which I didn’t have a clue about) but on this website I only had to input a few details and it was done! It literally took 10 minutes and cost me £11.99.

It’s the same process – 1st formations is backed by Companies House – they send the applications straight over to them which is great! I just need to wait it out now and see when they get back to me!

Now I’m just awaiting contact from Companies House with all my registration documents. They say it can take a week but I hoping ill get it done as soon as possible as I’m meeting with the bank on Wednesday 20 July!( Stay tuned for my next vid!)


4 Useful  Points to Know When Setting Up Your First Company:

  • Name – the name you have in your head is not always available so make sure you have a back -up name
  • Type of Company – if you know you want to be a limited company(which is most people, it means the legal liability lies with the company and not with the company owner directly) you need to know whether you are limited by SHARES or limited by GUARANTEE.
  • Title – you need to decide whether if there is more than one person setting up the company you are a director or a shareholder or both.
  • Shares – If more than one director/shareholder you need to asses the amount of shares each of you will get. Like I said, if there is only one of you then 1 share is adequate. I would research this BEFORE you come to set up as this definitely delayed mine!

Anyway, if you want to know more Ill keep you updated with my next step!

tony 7
Tony Robbins Seminar – check our my post on Tony Robbins book Awaken the Giant Within



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