Accounts, Bookkeeping and Payroll can be a burden to small business. This new series of accountant blogs from Nottingham Accounting Solutions aims at making Accounts, Bookkeeping and Payroll a little clearer.
What is a Limited Company?
Most businesses start out small, owned by one person or by a partnership. The most common type of business when there are multiple owners is a Limited Company.
The law sees a Limited Company as real, live person. Like an adult, a Limited Company is treated as a distinct and independent individual who has rights and responsibilities.
A Limited Company 's "birth certificate" is the legal form that is filed with the Secretary of State and Companies House. It must have a legal name, just like a person.
A Limited Company is separate from its owners. It's responsible for its own debts. The bank can't come after the shareholders if a Limited Company goes bankrupt- except under certain circumstances.
A Limited Company issues ownership share to persons who invest money in the business. These shares are documented and the Company has to keep a register, or list, of how many shares everyone owns. Owners of a Company are called shareholders because they own shares issued by the company. One share of stock is one unit of ownership and how much one share is worth depends on the total number of shares that the business issues. The more shares a business issues, the smaller the percentage of total owners' equity each share represents.
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