Thursday , 14 December 2017
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Who Should You Do A Company Search On When Running A Business?

A ‘Company Search’ is the act of anonymously (and legally!) looking into a limited company’s background information via a company credit report. A company search can normally provide you with the following information:

Who Should You Do A Company Search On When Running A Business?

  • Company name and previous company names
  • Company number
  • Company type
  • Business activity
  • Incorporation date
  • Website
  • Returns made up to date
  • Accounts made up to date
  • Credit risk overview
  • Financial overview
  • People over
  • List of documents filed at Companies House
  • Group structure overview
  • Timeline overview

Some companies can offer different company credit reports that provide you with different levels of information, with the most comprehensive including:

  • Group Structure
  • 5 Years Accounts
  • Mortgage Summary
  • Statutory information (name, reg no, incorporation date, registered office, latest filed accounts, issued capital, company status, type of accounts)
  • Directors (name, address, personal details, appointments)
  • Shareholders (names, share currency)
  • Directory information (trading address, telephone no, auditors, bankers, principle activities, SIC codes)
  • Risk Information (credit limit and credit risk score
  • Ownership (group structure, holding company)
  • Accounts (date of accounts, consolidated, subsidiaries, period covered, currency, audit comment)
  • Profit and loss (turnover, pre-tax profit, taxation, no of employees)
  • Balance sheet (total current assets, total current liabilities, working capital, shareholders funds)
  • Mortgage Summary (persons entitled, amount secured, status, satisfied)

That’s a wealth of information. But how could you use it?

Company Searches are ideal for completing checks on:

Potential customers – If your business provides credit or takes large orders, ensure that customers can pay before committing to providing a service.

Potential partners – Helps you to determine if a possible business relationship would be beneficial.

Competition – Monitor the comings and goings of your nearest business competitors.

Potential team members – Check up on individuals (via a director search) to see if they’ve previously held any directorships.

When operating a business you need to be cautious about whom you associate with. Company search services allow you to closely observe other companies and get the information on them and in order to doing show they may not necessarily want you to know – in particular, financial information. This enables you to make fully learned and researched decisions in regards to your business affairs.

Do you make that big order? Do you accept that big order? Do you give them credit? Company search services are here to assist you in making these big decisions. You must go through the company search to know all this.

For more information on how your business can use company credit checks to make smart, informed decisions, visit www.companysearchesmadesimple.com

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