Limited Company Advantages
There are a number of advantages in becoming a limited company, such as :-
- You can give a share of the business to others eg family.
- It may be easier to attract people to invest money in your business.
- Obtaining bank loans may be easier.
- There is no higher rate tax bands.
- In the event of a partner leaving or somebody dying it is easier to continue the business.
- It is easier to sell the business.
- You have better standing in the public eye.
- It can assist in the protection of a name.
- People have more confidence in your business as they can check up on your company on the public records at Companies House.
- Subcontractors and agency workers will find it easier to obtain work.
The main disadvantages of becoming a limited company are the extra costs of preparing of annual accounts and some
loss of financial privacy.