31st Dec 2011

[DurhamSparky]

Sadly i will be closing Durham Electrics on the 31st of Dec 2011......
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and will be reopening as Durham Electrics Ltd on 1st Jan 2012

 

[Sparky_Ben]

good look mate !!

 

[DurhamSparky]

i got too much to loose if it goes all ---- up!! needed to keep business and pleasure at arms distance..!

 

[Sparky_Ben]

am sure you will make it work, what is the difference going Ltd, i am not really clued up on this sort of thing just curious?

 

[Guest123]

Sadly i will be closing Durham Electrics on the 31st of Dec 2011......

You had me for a minute there Stevo..........

 

[DurhamSparky]

hahaha!!

not that lucky lenny!!

 

[DurhamSparky]

am sure you will make it work, what is the difference going Ltd, i am not really clued up on this sort of thing just curious?

if it goes bottoms up i dont loose my 2 houses, my car, my van and my personal bank savings...!!

Limited = Limited Liabitity....!!

 

[Sparky_Ben]

that does sound better, i suppose takes the edge off it abit

 

[topquark]

if it goes bottoms up i dont loose my 2 houses, my car, my van and my personal bank savings...!!

Limited = Limited Liabitity....!!

Best of luck DS! Just gotta watch it if you want any finance for the new Co (new van etc). Starting the Ltd Co means your Co won't have any credit history to start with.

@Spark_Ben The difference is the company is it's own legal entity, you need your own bank account to keep HMRC happy etc. As DS has said your liability is limited to your share capital (usually a nominal £1 value). You also get the pleasure of paying £14 to companies house every year to tell them that your registered company address hasn't changed since last year

 

[DurhamSparky]

Dont do finance!!! every thing is paid for to limit risk!!

 

[Marvo]

I read the first two lines of the op and thought you were becoming a plumber instead maybe.

 

[DurhamSparky]

did cross my mind!!

 

[Superspark23]

Hope things go well for you how are things run differently? do you pay more expenses?

 

[SirKit Breaker]

Good luck fella

Cheers.........Howard

 

[FAA Greenie]

I set up straight away as a Ltd company, having wrangled for weeks as to whether to do so or not. I had served my time in the forces and was lucky enough to have been able to pay the vast majority of the mortgage off and getting the time served pension coming in. What made my mind up was the missus telling me that the house was NOT part of the risk and the accountant, who is related to the missus backing her up!!!