A limited company is a separate legal entity created by incorporation and business registration at Companies House.
Its profits, losses, assets and liabilities are its own.
The company is owned by its members (the shareholders) and run by the director (or directors) whose assets are protected from loss if the business should fail. This is sometimes referred to as limited liability. If the company should fail the directors personal assets are protected. Because a company has a life of its own the business can continue despite the resignation or death of any directors or shareholders and the sale of the business or the introduction of outside investors is simplified.
Reasons for wanting or needing a limited company may include ownership of property, obtaining outside finance, taxation, status and protection from risk.
Once incorporated Companies House issue a certificate and company business registration number. This becomes the company's ID so to speak.
You can change the company's name at any time but you still
keep the original registration number .
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