Limited liability

Limited company A limited company is a UK business structure registered at Companies House that exists as a separate legal person from its owners, giving its shareholders… LLP An LLP is a UK business structure that combines the flexibility of a partnership with limited liability for its members, registered at Companies House… Director liability Director liability is the question of when a company director can be held personally responsible for the company's debts. As a rule directors are not… Personal guarantee A personal guarantee is a director's or member's separate written promise to repay a company's borrowing personally if the business cannot. It exposes… /legal/vulnerability/ How Credicorp, a UK business lender, supports customers going through a difficult time — vulnerability policy and support routes. Covenant A covenant is a promise or condition in a loan agreement that the borrower must keep. Breaching a covenant can be an event of default, even if payments… Companies House Companies House is the UK's registrar of companies. It incorporates and dissolves limited companies and LLPs, and maintains the public register of company… Flat rate A flat rate charges interest on the original amount borrowed for the whole term, rather than on the reducing balance. It can look cheaper than it is… Vulnerable customer A vulnerable customer is someone whose circumstances make them less able to manage a financial relationship or more at risk of harm. Good lenders identify… Due diligence Due diligence is the set of checks a lender carries out before and during a lending relationship — confirming the borrower is genuine, understanding its… FSMA RAO (Regulated Activities Order) The FSMA Regulated Activities Order defines which financial activities are regulated in the UK. Articles 60B and 60L set the consumer-credit perimeter and…