eSignature Legality for Invoice for Goods in United Kingdom

How to eSign a document: e-signature legality for Invoice for Goods in United Kingdom

hi this is one video of a short series about how to start a limited company there's a link to the whole playlist of them in the description and unless you are in a hell of a rush i suggest you watch them all in order so you don't miss something important thanks all right then the first things to think about after you've actually created your company insurance get some business insurance depending on what business you're in it probably won't cost very much at all um i'm not an insurance broker i don't have much advice about this but go online and you can search and find out how much business insurance costs in your area field of work whatever it is you do if you're a lawyer it's going to be extortionately expensive but for most normal people it's really not very much at all you just don't want someone suing you and you not having a team of lawyers to protect you which is mostly what an insurance company provides a bank account get one it is theoretically possible to run a limited company without a bank account it is not a legal requirement to have a bank account but get the bank account because it's a separate legal entity don't open up a business bank account for self-employed people in your name make it clear this is a business bank account for a limited company here are the limited companies details this can often take a little time sometimes several weeks so get on with it different banks provide different services and charge four different things some charge more for a monthly fee for having the account some charge less for the monthly fee or even nothing but charge more for each transaction in or out so check what you'll actually be doing with your company bank account whether it's going to be thousands of transactions in or out or whether it's just going to be you know once a month you get an invoice in and occasionally you spend some money and get the best bank account for your situation if you need to receive or spend some money before the bank account is open use your personal account but keep track of what you've done because that's not your money you're just helping out this limited company that's a separate legal entity it is okay to receive that money on behalf of the company when the company's got an account pay it to the company exactly the same amount it will help you with the admin later it is okay for you to spend money for the business out of your own pocket but when the company's got some money have it pay you back for those expenses and keep receipts and give the receipts to the company if you've already been trading as a sole trader tell clients or paypal or anyone else who's got your bank details to pay you tell them that now it's a company and here's the company's bank account details and if the company needs money you can lend it money that's just a loan from you the director into the company bookkeeping short video on youtube is no place to explain all of bookkeeping but the things you should do once you started your company is issue invoices for whatever it is you're selling services you're providing and keep a copy keep receipts for everything you spend for the business write down everything going in and out write down whether any of these things going in or out were from your personal account and then do it properly later whether that means accounting software or learning to do your accounts by hand which is what i recommend but isn't what everybody else recommends don't let the bookkeeping the accounting festa for months do it right from the start it will be so much easier it's easier to keep a place tidy than to make a mess for a year and then try and tidy up and finally a word about director loans you will almost certainly have an iou between you and the company that's called a direct to loan balance because you're separate whenever you spend money out of your pocket on behalf of the business company owes you some money it's a direct loan balance if you lend the company some money to start the company owes you more money it's a direct loan balance if you declare a salary before you take the cash for that salary that affects the direct loan balance and if you take some money out of the company to live on that affects the director loan balance this is going to be constantly happening it's very rare that you have a zero balance between you the director and the company that you are a director of and entirely own usually there's some kind of balance just remember that it is not your money keep a good track of that balance treat it like an untrustworthy housemate make sure you know who owes what to whom thanks for watching just to reemphasize this is one video of a short series i'm posting here on youtube so go to the link in the description to the whole playlist so you don't miss anything important when you're starting your company do comment underneath if you have any questions like and subscribe and do the youtube things for the algorithm and thank you very much