TC1474 Posted April 15, 2016 Share Posted April 15, 2016 The very reason I trade under a limited company and have all my insurance in place and up to date. I don't fancy finding out!!But should the worst happen, and my company is taken to court, as soon as the company bank account is emptied by the spiralling legal fees, the company will cease trading, and I will lose my initial £1 stake in the company but retain my own assets.I much prefer that scenario to the alternative of having to sell my assets to finance legal bills agaiant some idiot who thought they would see if they could make some easy money... So you have no employer or public liability insurance in place then which has been a legal requirement for all businesses since 1971.I rest my case, you clearly have no understanding of how the personal injury claims process works, and if you do not have public and employer liability insurance (which covers personal injury claims) the I would be more worried about your breach of regulations. Quote Link to comment Share on other sites More sharing options...
Joeman Posted April 15, 2016 Share Posted April 15, 2016 The very reason I trade under a limited company and have all my insurance in place and up to date. I don't fancy finding out!!But should the worst happen, and my company is taken to court, as soon as the company bank account is emptied by the spiralling legal fees, the company will cease trading, and I will lose my initial £1 stake in the company but retain my own assets.I much prefer that scenario to the alternative of having to sell my assets to finance legal bills agaiant some idiot who thought they would see if they could make some easy money... So you have no employer or public liability insurance in place then which has been a legal requirement for all businesses since 1971.I rest my case, you clearly have no understanding of how the personal injury claims process works, and if you do not have public and employer liability insurance (which covers personal injury claims) the I would be more worried about your breach of regulations. Read it again..... And have a snickers... I work in financial IT. On a daily basis i work on live trading systems that manage billions of pounds of client money. One screw up on my part could mean lots of people stand to lose significant sums of money. I have insurance coming out of my ears, Without it I'm not even allowed on-site. Quote Link to comment Share on other sites More sharing options...
TC1474 Posted April 15, 2016 Share Posted April 15, 2016 Read it again..... And have a snickers... I work in financial IT. On a daily basis i work on live trading systems that manage billions of pounds of client money. One screw up on my part could mean lots of people stand to lose significant sums of money. I have insurance coming out of my ears, Without it I'm not even allowed on-site. Then you of all people should know better than to even raise the subject about being sued. If you have the insurance in place as required by law, whether you are a limited company or a sole trader/partnership, there is no risk from legal fees as you put it, in the event that a claim is made against the firm. Quote Link to comment Share on other sites More sharing options...
Hoggs Posted April 15, 2016 Share Posted April 15, 2016 Yeah Joe! No joking on the forum! oh poohsticks that says dupe not nope. let's all pretend it says nope Quote Link to comment Share on other sites More sharing options...
Joeman Posted April 15, 2016 Share Posted April 15, 2016 Read it again..... And have a snickers... I work in financial IT. On a daily basis i work on live trading systems that manage billions of pounds of client money. One screw up on my part could mean lots of people stand to lose significant sums of money. I have insurance coming out of my ears, Without it I'm not even allowed on-site. Then you of all people should know better than to even raise the subject about being sued. If you have the insurance in place as required by law, whether you are a limited company or a sole trader/partnership, there is no risk from legal fees as you put it, in the event that a claim is made against the firm. Putting all your faith in insurance companies to protect you from every type of legal action that the unscrupulous money grabbers may chose to bring against you personally, or run as a Ltd company where it's rare and difficult for directors to be sued personally... I would never operate any business as a sole trader. Quote Link to comment Share on other sites More sharing options...
Joeman Posted April 15, 2016 Share Posted April 15, 2016 This is a good read:http://www.freeagent.com/central/what-are-the-advantages-and-disadvantages-of-switching-from-sole-trader-to-limited-company/" onclick="window.open(this.href);return false;It's from the company who provide my online accounting package. Quote Link to comment Share on other sites More sharing options...
Six30 Posted April 15, 2016 Share Posted April 15, 2016 Have as many cash deals as you can and pug the cash in your mattress , don't waste money on an accountant you can do it online and fiddle them yourself, don't waste money on insurance just get some dodgy ID , then if things do go wrong at a event just have it on your toes...." This time next year Rodney ....."Happy to help Quote Link to comment Share on other sites More sharing options...
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