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Why setup a Limited Company
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.