Limco (no, not Limbo)
Sometimes it does feel like we are living in a limbo…. So any time you can bring order to the chaos it is probably a good idea to do so! Don’t hire a fly-by-night or unprofessional trades-person, do your due diligence and you probably won't come unstuck.
When you are dealing with a proper incorporated Limited Company you, the customer will have access to certain information that other types of businesses (e.g. Sole-Trader) don’t or won't provide.
For example, you can look up a Limited Company on Companies House and have free and easy live access to –
Full names of Director(s);
Address;
See how long the business has been established
See previous names of the company;
Company accounts (and are they up to date with them!?);
Search the Director(s) names to see if they have a track history of “Phoenix Companies”;
The credit score and financial stability of a company can also be looked up online.
A limited company is not normally something that is set up or dissolved quickly, proper companies normally are a show of real commitment to the business. By becoming Limited it shows more professionalism and dedication (certainly to the financial and accounting side of the business) and it is a sign that the Director(s) are performing at a certain level.
Being a company Director has a number of legal standards and responsibilities that must be adhered to, read more about them here .
You can also look the company up online to check they are a genuine company – verified by checkcompany.co.uk
