Can I run a company limited by guarantee by myself?

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Good morning

My name is Jordan, and I run a free daycare that I would like to incorporate as a limited by guarantee company. The thing is, I’m the only person running it and working at it. Do I need other individuals to step in as guarantors to set up my company, or can I legally run and operate this company on my own as an individual?

Thank you

Answers

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You can register and manage the company on your own, that is not a problem. That means you will be the legal owner (guarantor) and director of the business.

To be eligible to assume the role of director, you must be at least 16 years old and you must not be an undischarged bankrupt or a disqualified director.

As a guarantor, you will have to agree to the statement of guarantee on the company formation application - this means you will have to personally guarantee a sum of money to the company in the event of its insolvency. This is normally just a standard nominal guarantee of £1.

a year ago
 

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