We are setting up an ltd company and we are not sure if we are supposed to include our private assets as a company property. We would like to know if running an ltd is our personal property is subject to taxation and liable in case of company’s debts. So what to do? Anyone has any suggestion?
Since ltd company is different from sole trader and you can not be held personally liable for it. Now, you can take a breath and stop panicking. So company debts can not be met from your personal property and assets. Ltd company is a legal entity that can have its property, incur debts, can sue and can be sued. You can have responsibilities if you are a director or a secretary.
