On 12/2/2022 1:49 PM, john wrote:
That accountant you pay can also tell you how to set up your books for the new
company. You'll get much better advice from them than from this list: They're
licensed to practice accounting in the UK, unlike anyone here.
That said the £1 per share is called par value and is the lowest amount the
company might sell the shares for. It's usually much less than the actual price
the company gets for the shares and that's what you enter in the company's
books. See e.g.
https://smallbusiness.chron.com/account-issuance-par-value-shares-57788.html.
Regards,
John Ralls
I suspect, what the accountant is telling you, is that even a sole
proprietor (no stock) company in the UK has this minimum..
You know you COULD just take a quid out of your wallet, deposit it in
the business bank account, and enter the transaction that way (debit the
bank account and credit this capital account). It is possible your
accountant neglected to tell you this obvious solution. In other words,
you "bought" your (own) company for that minimum. Like here the usual
minimum for a contract would be one dollar.
Michael D Novack
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