How to define limited liability?
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laughton
Apprentice
Joined: 25 Apr 2005
Posts: 3
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 Posted: 08/28/08 - 05:45 Post subject: |
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| Hello there. I am about to create a new company and I am wondering what form that company should take, exactly. There are just so many different options and I want to make sure that I do everything right. Can you tell me how limited liability is defined and whether you think that this is a good choice for a company? |
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shanan
Apprentice
Joined: 11 Nov 2005
Posts: 1
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| Posted: 09/12/08 - 04:17 Post subject: |
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| Very simply, limited liability means that your personal assets as a business owner, and those of the company, are separated. It means, in other words, that they cannot come and recover business debts from your personal assets, should the company go bankrupt. This is the case with some other types of business. |
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deirdre
Apprentice
Joined: 06 Mar 2008
Posts: 1
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| Posted: 09/27/08 - 02:49 Post subject: |
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| These days, everyone seems to think that limited liability companies are the very best form of company you can possibly choose. But beware that this is not always the case. The running of a limited liability company is very complicated, and you should take the tax consequences into account anyhow. |
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