Ltd

Are the liabilities that a business can incur the same for a sole trader and ltd?

I’m thinking of registering my business ( which I have operated as a sole trader for years), as a Ltd company, and want to know does one type of business have more potential liablities than the other?

The short answer is that you and your business face exactly the same liabilities, the only thing that changes is the extent that you are liable for the consequences.

Sole Traders and Partnerships are personally liable for everything including debts and claims for compensation. If something goes wrong you could lose all of your personal assets.

As the name implies, a limited company limits the liability of its shareholders.

Whichever route you choose to go down you need to make sure you are properly insured. Claims against businesses in the UK are on the rise and payouts regularly run into six and seven figure sums.

Have a look at http://www.coverzones.com/ to compare the market for liability insurance and have a look at their information on insuring your business liabilities at http://www.coverzones.com/learn-more/your-business-liabilities.

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