What are UK Limited Companies?
A UK company is a legal entity of its own right created by registration at Companies House. Once incorporated, the Registrar of Companies provides a certificate of incorporation. This document is important as it is proof that the company exists and has been formed in accordance with Companies House regulations. You can change the company’s name at any time but you still keep the company's registered number. All items purchased by the company belong to it, not directly to the person(s) who have ownership of the shares in the company. The company is owned by its shareholders and run by the directors. This gives the directors Limited Liability. Should the company be unable to pay its debts, the shareholders personal assets do not form part of the company’s assets unless they have personally provided guarantees for the company’s activities. Because a company is a separate legal entity, the business continues to trade irrespective of whether the original director(s) remain as part of the company.