We (me and my partner) recently incorporated as a Limited By Shares company (Ltd). Stupidly, when filling out the forms we put down 1m shares with nominal value at £1 thinking these were just meaningless arbitrary numbers.
We've spoken to a relative who we trust, and they said we need to instead have 10,000 ordinary shares at 1p each to reduce liability, and for other investment reasons.
We have literally just registered with companies house via a company set up website, what forms do we need to fill out to change this setup? Do we need to cancell all shares, and then issue shares? Bit confused on how to proceed from here.
Do I need this form to cancel all my shares? Can we kill 2 birds with one stone and reissue on the same form somehow?
Thanks for any help.