What if I don't want to offer a guarantee to form my company?

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Is there any way to get around offering up a guarantee to form a limited by guarantee company? I appreciate it’s kind of in the name, so it sounds relatively important. But are there any ways around it, or is this a set in stone rule you must abide by?

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If you do not agree to the statement of guarantee on the company formation application, you will not be allowed to register a company limited by guarantee. All guarantors must provide a financial guarantee as a form of security in case the business goes bankrupt.

You will only be required to guarantee £1, so it’s not a huge financial commitment - don’t worry! If your company has more than one guarantor, you will each have to agree to a separate guarantee.

a year ago
 

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