[Placeholder article — review before publishing.] A business name is quick and inexpensive to register, but the owner remains personally liable for the business's debts. A private limited company is a separate legal person, which protects owners' personal assets and is usually preferred by banks, investors and tender bodies.
Key differences
- Liability: limited for company shareholders; unlimited for business name owners.
- Continuity: a company continues regardless of changes in ownership.
- Compliance: companies file annual returns and keep statutory registers.
This article is general information, not legal advice. Contact us for advice on your specific situation.