The precise procedures to be followed on an incorporation will depend to a large extent on the particular trade/business undertaken.

As a guide only the following issues should be borne in mind:

1.  Check that no trade rules prohibit trading as a limited company.

2. Consider timing of incorporation . In particular if cash flow is important consider the rules regarding the date of cessation which can impact heavily on the final assessments taxable profits. 

3. Consider:

a) Value of goodwill
b) Whether & how to avoid CGT
c) Shareholdings, Directorships and Company Secretary
d) What assets are to go into Company?

4. Form Company.

5. Once you have the company number:  

a) Open bank account.
b) Consider VAT registration or transfer of registration.
c) Get new stationery.

6. Consider whether to have formal sale document or just heads of agreement or not
 necessary.

7. Consider VAT implications - is there a transfer of going concern?

8. Draw up sale agreement and if necessary get it stamped.

9. Informing everyone concerned (Customers, Suppliers, C&E, IR, PAYE, DVLC, Ins,
 Employees, Council re rates, Support contracts, ...). Get any contracts (that are to be
 transferred) transferred.

10.Put any legal transfer of land and buildings into motion.

11.Commence trading in company name.

12.If used holdover relief to avoid CGT on goodwill, complete and submit holdover relief claim.

13.Set up new accounting system - i.e. avoid adding transactions to partnership record.

14.When submitting tax returns, it is important not to forget the cessation rules or CGT computations