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Limited Company
Advantages
- Limited Liability ( This is limited to what has been invested in the company, the company’s assets and liabilities are separate to the individual )
- Ease of transfer (ownership of shares within the company can be transferred easily)
- Tax Efficient
- Better succession planning
Disadvantages
- More regulation ( Accounts and annual returns have to be filed every year at Companies House)
- Limited Privacy (Anyone can look into your company accounts and are able to check certain details of shareholders etc).
- Audit requirement (Once the company exceeds a certain size, or is in a particular sector it will require audit. Small businesses are normally exempt.)