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Most co-operatives, sports clubs and societies opt to incorporate an LBG company because it protects the personal finances of its members. Instead of shareholders, an LBG has guarantors who agree to pay a certain amount of money if the company folds. LBG companies do not usually distribute their profits amongst members. Instead, profits are reinvested back into the company.
If this structure sounds like a good fit for your company, forming an LBG through Trust Formations could not be easier.
Our LBG Package is essential for non-profit business owners who would like to:
Starting from just £19.99, our LBG Package features a wide array of essentials that will give your new non-profit company the best possible start down the road to success.
With this package, you will receive:
Simply add the Free Bank Account on during checkout.
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An LBG company is a non-profit company structure popular amongst co-operatives, sports clubs and societies because it protects the personal finances of its members. LBG companies do not distribute profits to its owners.
LBG companies do not have shareholders. Instead, they have guarantors. A guarantor is someone agrees to pay a certain amount of money, known as a ‘guarantee’, if the company goes into debt or folds.
To form an LBG company in the UK, you will need at least one director and one guarantor. Both of these roles can be filled by the same person. However, you are free to appoint as many directors or guarantors as you wish.
Although the Trust Formations LBG package is designed for non-profit companies, this package cannot be used to set up a charity. This is because to obtain a charitable status, you are required to submit a special memorandum and articles. For more information or support, please contact us.
All companies limited by guarantee are required by law to have a registered office address. This can be your home address, but it will appear on the public register and on all company documents. The majority of LBG owners prefer to keep their personal addresses private, so they opt for a professional registered office address. If you wold like to use Trust Formations’ prominent Glasgow office address as your registered office, simply add this service onto your package during checkout.
Our LBG Package cannot be used to form a company limited by shares. It can only be used to form a company limited by guarantee (LBG). If you would like to form a company limited by shares or a Limited Liability Partnership (LLP), Trust Formations offers packages that cater specifically to your needs.
If you’ve got any questions, our expert staff are available to chat online now