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Limited Company: protecting self interests before freelancing

By Crowin Smith Subscribe to RSS | January 20th 2012 | Views:
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According to Martin Luther King, Jr., “Law and order exist for the purpose of establishing justice and when they fail in this purpose they become the dangerously structured dams that block the flow of social progress” The universe is bound by certain laws at every level that keeps all things that are connected to each other remain in constant harmony. If these laws are broken, then there is bound to be trouble for some one that is unprotected by the right defensive laws. Limited Company law is a similar kind of protective law that can be used before beginning a life in the world of freelancing. This is the ultimate way to protect oneself from any added liabilities that one may face in the normal course of action. It is always necessary to take professional advice before taking any action so that they are aware of all the probabilities that may occur in the future. This is one of the best ways to protect personal assets from becoming involved in case of any major loss that one may face in a transaction. This option can be used by freelancers to bring limited liability into the equation that creates a strong barrier against personal assets. There is always a possibility that freelancers can be sued, and if they have been working as a sole trader then all of their assets are under risk.

If a freelancer does not have his own Limited Company, then he comes into the category of a sole trader in the business equation. This is the case where personal assets come under the risk if they suffer any loss in the business transaction. Many freelancers have found this to be the best option that has kept them safe from many different liabilities they might have faced. This form of company law has reduced taxes that the company has to pay at the end of the year which is also one of the best long term benefits that a freelancer can enjoy. There are fewer deductions on borrowed money from a bank when the freelancer wants to use this option. The paper work involved in the process is very low and they do not have to maintain file work as compared to an enterprise. Clients tend to treat a freelancer as a professional when they find out that they have their own Limited Company, and this establishes a stronger trust between these two parties.

Crowin Smith - About Author:
For more information regarding Limited Company, Please visit 123contracting.co.uk

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