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Woolworths is up for sale for a quid, and as part of the deal the buyer must take on the 300 million quid of debt, but is there anything to stop someone forming a limited company and then buying W...
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A limited company is one entity by which a business can be carried out. You can still be in business without running a company. You can be a sole trader or in a partnership.
There are two main types of limited company in the UK - public limited companies (PLC's) and private limited companies.
There is also a company limited by guarantee - some charities are set up like this but for commercial purposes the PLC or private company is normally utilised.
A limited company is owned by its shareholders. It is managed by its directors.
PLC's are different because their shares are traded on public stock exchanges. Private companies cannot offer their shares for sale to the public at large (although they can sell shares)
The directors and shareholders in private companies are often the same people. 95% of companies in the UK are private limited companies. Most of these are small companies - under 5 employees.
The 'limited' part of the name comes from the fact that the liability of the shareholders is limited. It is limited to the face value of the share they own. If I buy 100 £1 shares in a company for £100, that is all I am liable for.
This answers your question in part:
The liability of the owners of a limited company is limited in the event of insolvency. This is not the case if you are a sole trader or partner - you are liable for debts without limit, so your personal assets are exposed to creditors.
In addition, there are tax advantages in carrying on a business through a limited company. This is because of the interaction between corporation tax, the ability to take money out of the company by way of dividend and not salary etc. There are lots of other accounting benefits also.
The downside is that accounts have to be published and the company must comply with company law. Directors also have obligations on them. This is the trade off for having limited liability.
There are other ancillary benefits from becoming a limited company, eg it looks more 'professional' etc.
What the Heck
A Limited Company is a separate entity from you. You are the director and shareholder. If the company goes bust, the amount you lose is the share value you put in.
The company pays corporation tax on the profit (20% I think). Whats left you can take as a dividend. So from a tax point of view you could be slightly better off.
Down side is, accounts must be signed off by a Chartered accountant £700, you must have public liability insurance £80 and upwards and £15 fee to companies house each year.
If you set one up, it's a learning curve.
j_m_camilleri
Becoming limited mean the business now benefits from "limited liability". That is if the business gets into trouble it can only be made to pay up the the total amount of capital invested in the business. It is better than personal liability of the owners where they can be made to pay and make good from their personal wealth.
It also means you need to prepare audited accounts and register them at some central authority.
Buddha
It means that you have limited liability for your debts and have shareholders.
couchcashdotcom
It means your liability is limited to the company assets.
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