Benefits - Limited Liabilities

The Limited Company model could have advantages for your Practice, as compared with the Partnership arrangement.

The partners in general partnership are personally liable for their negligence and debts and that of their fellow partners, meaning that their personal assets may be at risk, particularly if a claim is not covered by insurance. For example, if one partner incurs substantial debts in the name of the partnership, then the other partners will be jointly liable for those debts and can be sued together or one partner can be sued for the whole amount, even if they had no knowledge of the first partners activities.

In comparison, the shareholder in a limited company will in many cases have no personal liability, other than an obligation to pay up unpaid amounts due on their shares.

Directors have limited liability for the company's liabilities except where it could be proved that the Directors were acting fraudulently or had given personal guarantees.

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