Credicorp

Whit is a "body corporate", an why it maitters for lendin

Summary: a body corporate is an organisation the law treats as a separate legal body, distinct frae the fowk that ain or rin it — in practice, a leemitit company (registered at Companies House) or a leemitit liabilitie pairtnership (LLP).

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Why it maitters

Acause a body corporate is a separate legal body, its debts are its ain — no the personal debts o the directors. Unner Article 60B (read wi Article 60L) o the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (FSMA RAO 2001), lendin tae a leemitit company or LLP for business purposes generally sits ootwith the FCA's consumer-credit regulation. We lend tae the company, an we dinna tak a personal guarantee frae the director.

Why it maitters Summary: a body corporate is an organisation the law treats as a separate legal body, distinct frae the fowk that ain or rin it — in practice, a leemitit company (registered at Companies House) or a leemitit liabilitie p Why it maitters Summary: a body corporate is an organisation the law treats as a separate legal body, distinct frae the fowk that ain or rin it — in practice, a leemitit company (registered at Companies House) or a leemitit liabilitie p What counts as a 'wholly or predominantly business' purpose for a UK loan? UK business lending requires a 'wholly or predominantly business purpose'. Here is what the test means, examples that do and do not qualify, and… Your business credit score UK: how it works and how to improve it How a business credit score works in the UK: what feeds your company's rating, why it differs by agency, and practical steps to improve it. APR vs daily interest rate UK: which is the honest comparison for short-term loans? APR vs daily interest rate UK: APR can overstate the cost of very short-term borrowing. Here is why we show the total cost of credit and a simple… When NOT to take a short-term business loan in the UK A short-term UK business loan is the wrong tool for some problems. Here is an honest guide to when you should not borrow, and what to consider before… Regulated vs unregulated business loans UK: what's the difference? Regulated vs unregulated business loans UK: some fall under FCA consumer-credit rules; many do not. Here is the Article 60B line and what protections… FOS and FSCS in UK business lending — and why a company loan falls outside both FOS and FSCS in UK business lending: the FOS resolves complaints; the FSCS compensates when firms fail. Here is why a loan to a UK company falls outside…

Whit this means for ye

The debt bides wi the company, but the consumer-credit safety net — includin the Financial Ombudsman Service an the FSCS — disna apply. Ye can verifie the company on the Companies House register (company number 16093826).

Scots summary — the hale English version o this airticle is the authoritative ane. Read the hale airticle in English

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