Private limited company - Help please!!!?
Hi,
I have just registered my business as a Private Limited Company Photography business, and have been told that if something goes wrong I can loose my house and everything!!! I didn't think that this was right, as the whole point of being ltd was that it couldn't effect you personally! We have 2 people in the business, each with £1 of shares - Total £2.
Also I have been told that if I do a bad wedding photo shoot - God forbid, and the people do not like the pics they can sue me personally, and again I could loose everything! I do however have liability insurance?
Can someone qualified please confirm what is right and what is wrong, as I was really set on what I had done - but now I have doubts. I have been toled that I should have gone PLC?
Help please....
PLCs (Public Limited Companies) are suitable for really big organisations which want to be traded on a recognised stock exchange. Think Marks & Spencer, BP, major insurance companies....
A private limited company is exactly right for you. Make sure that any agreements (contracts) are in the name of the company and that you don't give any personal financial guarantees and all should be well.
Liability insurance is the name of the game and you've got that.
Relax and good luck with the business.
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