What if I don't want my limited by guarantee company to have guarantors?

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I don’t like the idea of forcing someone to guarantee money if our limited by guarantee company fails. We’re a non-profit, anyway, and I have no clue how we’d end up in crippling debt. Still, I don’t like it. Do I absolutely have to name a guarantor for a limited by guarantee company, or can I register my company without it?

Answers

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Unfortunately, that is not an option!. You must have at least one guarantor to set up a company limited by guarantee. However, anyone can be a guarantor, and the guaranteed sum of money can be limited to any amount (usually £1 per guarantor), so there is nothing to worry about!

‘Guarantor’ is simply the name given to each person who agrees to become a member of the company and agrees to pay a nominal sum of money to the company cannot pay its creditors. Guarantors are essentially the owners of the company.

a year ago
 

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