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Being Limited means that you have a limited amount of liability an offers you some protection. If your trade accounts/business loans/vehicle finance are all registered to your Limited company if it all goes tits up you don't lose everything, house etc
But the business could/will lose all it's assets...

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Not always... I know someone who was limited and paid all his staff on an overrated on biz account then folded... he then gothit with the overdraft...

I went Ltd for tax reasons and a few other things :)

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Not always... I know someone who was limited and paid all his staff on an overrated on biz account then folded... he then gothit with the overdraft...

I went Ltd for tax reasons and a few other things :)

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Because the banks know this and ask the view boys would rip them off they often seek personal guarantees which negates the limiting of liability
 
I've literally just started got quite a bit of work all cash in hand though that's why I'm askiing for help guidance advice

Hope you're good at running - The Tax-Man loves this Forum - How do you think they get their bonuses every week?? :)
 
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