A limited company is a type of business structure that has its own legal identity, separate from its owners (shareholders) and its managers (directors). The directors and shareholders are often the same people in small limited companies and can just be one person.
Having its own separate legal identity means that the company’s bank accounts, ownership of assets, and any involvement in contracts is only related to the company business and is entirely separate from the interest of the owners of the company.
Being a limited company comes with extra responsibilities. A limited company must be registered with Companies Registrar and has statutory obligations to deliver accounts to both the Companies Registrar and the Tax Authorities. It must follow specific accounting and filing requirements as well as company legislation most particularly the Companies Acts as amended. Failure to meet all these duties and obligations could leave you vulnerable to significant fines.
Because the owners of limited companies have ‘limited liability’, your personal assets cannot be touched and the company’s finances and personal finances are kept separate. This means you only stand to lose the amount of investment you have put into the company.
The complexities involved in keeping financial records for a limited company require a meticulous bookkeeping system. Our expert bookkeeping services are tailored to meet your unique needs for a convenient fixed monthly fee.