LTD | SAFE Advice

A limited company has a separate identity from that of the individual shareholders. Such a company differs from a sole trader or partnership because

  1. it belongs to shareholders, who share in any profits according to the size of their individual holding and
  2. the liability of the company for debts is limited to the company's assets and
  3. shareholders are not personally liable for the debts of the company, unless they have stood as personal guarantors for any particular sum.

Corporation Tax is a tax on the taxable profits of limited companies and other organisations including clubs, societies, associations and other unincorporated bodies. This guide gives you a basic overview of Corporation Tax. It tells you what Corporation Tax is, who's liable and what you must do and when if you are subject to Corporation Tax requirements.

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