As discussed in the Practice Set Up page, we are a private limited company. To set this up we followed the following steps:

Setting up our Private Limited Company

Step 1 - Name

We decided a name for our practice (studio.SPACE) ensuring it complies with rules which state that it must not be too similar to already established company names.

Step 2 – Directors

A Limited company requires at least one person to be named as a director, who is legally responsible for running the company and making sure company accounts and reports are properly prepared. We decided to name three directors, the same three people who set up the company, in order to share this legal responsibility.

Step 3 – Shareholders

Our company is limited by shares, distributed equally between all three of the directors. These are ordinary shares, allowing directors one vote on company decisions per share and to receive dividend payments. When registering our company, it was required to state the number of shares of each type the company has and their total value, known as the company’s share capital, as well as the names and addresses of all shareholders.

Step 4 – Prepare documents agreeing how to run company

When registering our company, we needed to submit:

A memorandum of association – a legal statement signed by all the shareholders agreeing to form the company
Articles of association – written rules about running the company agreed by the shareholders/directors. Rules on buy-sell agreements are important to avoid legal complications if one shareholder dies, gets divorced or retires.

Step 5 – Company and Accounting Records

Limited companies have a legal responsibility to keep records on financing and accounting, as well as records on the company itself.

Company Records

We were aware we needed to keep records of:

Directors, shareholders and company secretaries;
The results of any shareholder votes and resolutions;
Promises for the company to repay loans at a specific date in the future and who they must be paid back to;
Promises the company makes for payments if something goes wrong and it’s the company’s fault (indemnities);
Transactions when someone buys shares in the company;
Loans or mortgages secured against the company’s assets.

Accounting Records

All money received and spent by the company;
Details of assets owned by the company;
Debts the company owes or is owed;
Stock the company owns at the end of the financial year;
The stock-takings used to work out the stock figure;
All goods bought and sold;
Who we bought and sold them to and from.

Step 6 – Register our Company

It is essential to provide a registered office address when you set up a limited company. Our registered address is the same as our office address: Davidson House, Forbury Square, Reading, Berkshire, RG1 3EU

It is also required to provide Companies House with a description of our company’s nature of business, defined by a SIC (standard industrial classification of economic activities) code which in this case is: 71111 Architectural Activities.

The final step is to actually register our company with Companies House, registering for corporation tax at the same time. Upon registering, we received a certificate of incorporation, confirming that our company legally exists, and showing the company number and date of formation.

RIBA Membership.

The Royal Institute of British Architects is recognised globally as driving excellence in architecture. By studio.SPACE becoming an RIBA chartered practice, we are able to communicate our status as a leader of the highest standards of professionalism, ethics and best practice.

To gain advantage from this, we have incorporated our RIBA chartered membership into our marketing strategy to promote our company as a member of this professional body. We will display the RIBA logo on our website, drawings, site signboards, business cards and any other material that is used to advertise our business.

Membership of the RIBA will demonstrate our commitment to RIBA accreditation criteria, complying with the requirements that at least one director is a RIBA chartered member and at least one in eight staff employed is a registered architect, or an RIBA Associate or Affiliate Member.

Added benefits include access to a range of professional services and products, including:

24/7 business helpline to connect us with independent HR, health and safety and tax advisors;
Access to expert advice on legal matters and compliance with policies such as GDPR (General Data Protection Regulation);
Access to high-quality business intelligence to see how our practice is performing against criteria such as profit, turnover, marketing spend, hourly rates and salaries;
Benefit from RIBA chartered practice toolbox which includes guidance on quality management, environmental management, health and safety, employment and equality.

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RIBA Membership.

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