Are you forming a limited company but need help with the process? Luckily, we can help provide you with this support at Fast Form Online. A limited company is a type of business which is completely separate from its owners. This can benefit newer businesses as this type of easier will be to finance from loans and investments. As the name suggests, business owners have limited liability which means they must cover investments by either shares or guarantees.
What are the advantages of being a limited company?
• The company will have limited liability. Business owners will not be held accountable for any losses the business may incur. A limited company will always provide you with added protection should anything go wrong.
• Benefit from tax advantages. For any new entrepreneurs it is good to seek professional help about pensions, dividends and car ownership.
• The business will continue to exist even if shareholders decide to retire or resign. This will provide added security for employees working within the business. If the directors are the main shareholders, decisions can be made quickly and easily which could result in a successful business strategy.
What are the disadvantages of limited companies?
• Limited companies must always register with Companies House.
• A person cannot be director of a limited company if he/she was a disqualified director or bankrupt.
• There may be limitations regarding the company name
• The information about the owner of the company and the company itself will always be shown on public record
• There may be more complex and time-consuming accounting and administration requirements
• As a professional accountant may be required, this may result in higher accounting costs.
• Withdrawal of money form companies can be difficult.
Get your limited company formed today in a few hours!