What is a Limited Company?

We often find that people become confused with the different entities under which you can trade. A sole trader for example will be one individual trading solely in their own right. A sole trader is responsible for the debts of their business without limitation if the business fails.

Likewise a firm or partnership could be several individuals trading together with joint responsibility for all of the debts of the business.

So what is the attraction of a Limited Company ? In very simple terms it can be that as an individual you wish to avoid personal liability for the debts of your failing business. If those debts were significant and you were unable to pay them you potentially could be made bankrupt. Forming a Limited Company can provide protection from this.

A Limited Company is a separate legal entity and is legally responsible for its own actions. The finances of a Limited Company are entirely separate from its directors and shareholders. As long as you don’t trade fraudulently or recklessly then if the business were to fail, as a director in the Company you would not be personally responsible for the debts of the Company. Your only loss would be restricted to any money you invested in the business and you may have a responsibility for any bank loans if you have given a personal guarantee to the bank.

To set up a Limited Company you need to register, or incorporate the Company at Companies House. Basic details are required, and you will need a registered office which is the official address of the Company. You will need to create ‘Articles of Association’ which set out the rules for running the Company.

For further assistance or if you would like to talk to us about setting up a Limited Company please contact Danielle Knee.

Danielle.knee@catteralls.co.uk

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We used Catterall's for the sale of a property and had excellent service throughout. Everything was done promptly, efficiently and accurately. We had experienced lots of errors with a previous firm and saw a marked contrast in the quality of service and professionalism from Catteralls. Danielle and Sue were knowledgable and helpful and were able to answer questions about the errors from the purchase of the property with a different firm so that we could move forwards quickly with the sale. Prices were reasonable and competitive but I would choose the firm again regardless of price because of the experience. It is the second time we have used the firm (previously for a different purchase) and I can highly recommend them.

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My wife and I engaged Catteralls Solicitors conveyancing services to both sell our old house and to buy our new house. We can thoroughly recommend their services in this regard. In particular we would like to give excellent feedback to Ms Eleanor Parkin, our Conveyancing Executive at Catteralls, who dealt with us throughout the buying and selling process. Some aspects of that process became problematic but Eleanor went above and beyond that which was expected of her and ensured that any problems were resolved effectively and efficiently to ensure a smooth completion. Our engagement with her was always friendly and professional and we would be happy to recommend her professional services to others. Thank you, Eleanor!

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Thank you Catteralls for helping us with our recent house sale!! I will certainly recommend you to family and friends.Catteralls would be the first solicitor I came to if I needed any help in the future! Thanks again for everything. Fantastic communication, making a hard time in our lives that much easier. I can not fault a thing.☺️

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I've used these for the sale of a rental property and my will and am also currently using them for a purchase of a residential property. Used them because my usual solicitors let me down. I can't comment on price because I didn't really shop around. A family member recommended them, and they've been good for me so far. Here, I've never felt like I haven't been able to speak to someone when I've needed to and they've always been on hand to explain anything I didn't understand. So far so good.

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Jenny and her team, saved the day after our sale and purchase almost fell through due to the poor performance of our previous solicitor. She was responsive, highly efficient and keep us informed throughout the whole process. We would only use Catteralls for any future conveyancing requirements. Many thanks Jenny, Sarah and the rest of the team!

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Jess looked after my case. It was most helpful in that I was able to do everything via email, so all I had to do on the day was sign some paperwork, therefore only needing to make the one visit, which was perfect for me.Jess was efficient & organised and made the process a smooth one.Thanks Jess I appreciate all you did for me. 🙂

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Paul and his team have worked on our sale and purchase. The team have all worked extremely hard, going above an beyond. Everyone in the chain has commented how efficient they have been. I will certainly recommend to family and friends and would be the first solicitor I came to if I needed any help in the future! Thanks again.

Jade Nutt

20:07 02 Nov 22

Jenny and her team were brilliant with our house sale and purchase. They answered all our queries, made sure we understood everything and kept things moving along. We are very great full for your hard work! Thank you!

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