Sooner or later you will think about doing a little more business, protecting yourself more, and that will bring you to the question of changing business and trading environment All small business, micro business, sole traders, freelancers and home businesses can be run in the form of limited liability companies.A limited liability company - LLC in the US, Ltd. in the UK - is a legal entity, like a different person, so you, the business owner is not direct liable for any debt. The company is to be conducted by laws governing limited liability companies, and providing you do, your company has "limited" liability.The protection a limited company offers is that when the business fails, and you have to close it down, the company is only liable with it's assets, i.e any positive bank balance, inventory and other assets.What does a limited company not protect you from?
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[Source: THE SMALL BUSINESS BLOG]
