FREEDOM BOOKS - The Midas Method

The Sting

There is a catch though. Unless you are very well off and can fund your company from day one and into the future, then at some stage you will need to borrow money for the growth of the company. If you are running the business correctly, then your bank manager will probably be prepared to consider lending you a modest sum; BUT (and here is the catch) you won't get a penny unless the borrowing is secured against some tangible asset - like your house. So guess what? If the company goes bust, you lose your house (or at least that part which was secured against the loan!) - scratch the major benefit of being limited!

You may be tempted to ask why you should be a limited company. The answer is that a limited company is the only acceptable vehicle for a serious business person. If you want to dabble around a bit or do a spot of painting and decorating on the side, then don't bother with a limited company, just trade under your own name.