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Why setup a Limited Company

May 20, 2015

When starting a business, you will have to choose between being a Sole Trader or setting up a Limited Company.

The Sole Trader option only requires a phone call to HMRC, whereas incorporating a company involves registration with Companies House and administrative aspects such as filing of annual return and annual accounts. However, trading as a limited company has many benefits:

  • Limited Liability

The Limited Liability means your personal assets are being protected. All you are at risk of losing is the money you have invested in the company.

  • Added reassurance to customers

Customers sometimes prefer dealing with companies rather than individuals. It provides them with the added reassurance of a long standing, well established business.

  • Added reassurance to banks

Opening a bank account with a limited company’s certificate of incorporation is really straight forward, unless you have encountered financial issues in the past (i.e. declared bankrupt), there should be no reason for a bank to decline your application. Applying for a loan through a Limited Company is also more likely to get approved & make the process easier.


Karen Horne


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