?As the name suggests, a limited liability company (LLC) is a company that helps small businesses to limit the liability of their owners. As a legal business structure, an LLC has a distinct identity which is separate from that of the individual owners. Thus, in case of a future financial slump, the personal assets of individual owners are protected. This discharges the shareholders of the company from any responsibility for the debt of the company. Only the assets of the company may be seized to meet any outstanding debt or financial obligations. This is different from other forms of business ownership like sole proprietorship, where the individual owner has to relinquish their assets and assume personal liability for the financial commitments of the company. Other advantages of According to the rules pertaining to limited liability company formation in the UK, a new limited company requires at least two people to act as the office bearers of the company. The presence of a company secretary is a must, and it is their duty to ensure that the company submits its annual returns on time. Some people who choose to form their limited companies opt to do the formalities themselves. Often, a member of the family doubles up as the company secretary. But, if you are new to the process of business incorporation, or even if you have some experience but want to ensure a smooth process, it is better to use the services of a business start up firm. Such a firm will guide you through the intricacies of limited liability business formation. They will help you select an appropriate name, guide you through the process of allocating shares and advise you regarding tax efficient measures that you can take to boost your profit figures. Online Limited Liability Company Formation - As part of one of the UK's largest company registration agents, with 25 years experience, Company Formations 24.7 offer a fast, straightforward and professional service and have tailored three great company formation packages.