Posted on 29th December 2020 at 17:08
A limited company is a legal entity in its own right which is set up and sits behind the name of a business. Having 'limited liability' status means you will not be personally liable for any financial losses made by the business which do not have any personal guarantees. This is not the case for sole traders and partnerships where the owners are personally liable for all the business debts. Also a limited company’s tax and legal liabilities become separated from the owners’.