What Is A Limited Company?
A UK limited liability company is a legal creation which is established in law and governed by the Companies Acts, passed by Parliament. Certain government departments are responsible to ensure that companies keep to the law, for example, the Department Of Trade & Industry, through the Registrar of Companies at Companies House.
The company is a distinct and separate entity from its owners and the people who run it. It has its own status for taxation, financial and general legal purposes.
We have answered the questions most frequently asked by people considering their own limited company formation.
If you are still in doubt whether to proceed after reading through the questions and answers, you should speak to somebody with the appropriate experience and knowledge to answer queries specific to your circumstances. Such people include Chartered Certified Accountants and Solicitors.
We are able to offer general advice free of charge, or can arrange for a more in-depth professional review of your affairs.
Our free guide "Running a limited company - What does it mean?" is available either as a free download, or in print as part of our free information pack, which you can request by contacting us.
Please Note: This information does not constitute formal advice. Always consult your Accountant or professional adviser before taking any action. Formations Direct does not take any responsibility for the accuracy of the information contained on these pages. Facts and figures are subject to legislative and other changes.