Following on from our previous blog post, we now want to motivate those of you who are considering beginning your own limited company. Weâ€™re not denying there are some drawbacks that you will need to consider moving forward. However, as itâ€™s Motivational Monday weâ€™re going to focus on the great aspects to get you inspired.
A limited comapnyÂ is an organisation that you set up to run your business and there are three types of company that you can choose from. One limits the financial responsibility of shareholders to the value of the shares that they own (limited by shares). Another allows shares to be traded publicly on a market (public limited company). The final option has the director or shareholders back the company up to a specific amount if something goes wrong (limited by the guarantee).
Why is it Beneficial?
A crucial reason for why limited companies can be soÂ appealing is that they allow the business finances to be separate to personal ones. This then removes the risk of you losing all of your belongings if the business goes into debt or liquidation. By the same token, the organisation has a separate legal identity to the owner. This allows it to survive the loss of this owner- allowing your business to be passed down in generations. Under a limited company you will also be able to claim on a wider range of expenses, which will in turn lower your personal costs!
How We Can Help!
We would be delighted to assist you in process of establishing a limited company, and can connect you to business support advisors so that your business has the best chance of success. The KFS group has a wide range of services, such as completing your corporate tax computation for you, that can really make all the difference.
For more tips, help and support, visit the KFS group website @ www.online.accountants
-Â The KFS Group Blog Team