Re: FN-FORUM: forming a ltd

date posted 16th August 2007 16:07

> Hasn't a new law been passed recently, whereby Directors of Ltd companies
> will be responsible for paying companies debts?
>
> The reason for asking, is my bank asked me to sign a form, whereby I am
> personally responsible.

Not sure about a law, but if banks want to make you personally liable than
they can do. Often this is the only hope they have of being able to claw
back any investment they make. The "limited liability" thing is pretty
limited in practice ;) according to my research, and advice given, a few
years ago. Ltd is more useful if employing, if large customers require
it, and possibly for tax reduction.

Anthony
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