Credicorp

Limited company

A limited company is a business structure registered at Companies House that exists as a separate legal person, distinct from the people who own and run it. It can hold assets, enter contracts and owe debts in its own name. Its owners — shareholders — have limited liability, meaning their financial exposure is generally limited to the amount they have agreed to pay for their shares.

Legal status: A separate legal person — a body corporate.
Owners: Shareholders, whose liability is limited to their share capital.
Run by: Directors, who manage the company and owe it statutory duties.
Registered at: Companies House, with a unique company number.

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Limited liability

The defining feature is limited liability. Because the company is separate from its shareholders, the shareholders are not personally responsible for the company's debts beyond their investment. A creditor of the company contracts with the company, not its owners. This protection can be set aside in defined circumstances — most commonly where a director signs a personal guarantee, or where there has been wrongful trading or fraud.

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… Body corporate A body corporate is a legal entity, such as a limited company or LLP, that is separate in law from the people who own or run it — and is the kind of… 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… Limited liability Limited liability means the owners of a company or LLP are not personally responsible for its debts beyond what they have agreed to contribute — their… 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… /legal/vulnerability/ How Credicorp, a UK business lender, supports customers going through a difficult time — vulnerability policy and support routes. Eligibility Eligibility is the set of published criteria a business must meet to be considered for a facility. Credicorp's criteria: a UK limited company or LLP… Asset finance Asset finance is a way of funding equipment, vehicles or machinery by spreading the cost over time, with the asset itself usually acting as the security… AML (anti-money laundering) Anti-money laundering (AML) is the set of laws and checks that require lenders to verify who they are dealing with and to report suspicious activity… KIS (Key Information Sheet) A Key Information Sheet is a pre-contract summary that sets out the headline terms of a facility — the cost, the repayments and the key conditions — so a… Responsible lending Responsible lending means lending only what a business can sensibly handle, being clear about cost, and supporting borrowers in difficulty. Credicorp… Early settlement Early settlement is repaying a facility before the end of its term. Where interest is charged on the outstanding balance, settling early reduces the cost…

Private and public limited companies

Most UK companies are private companies limited by shares ("Ltd"). A public limited company ("plc") can offer shares to the public and must meet a higher minimum share capital and stricter reporting requirements. There are also companies limited by guarantee, often used by not-for-profits, where members guarantee a nominal amount rather than holding shares.

Limited companies as borrowers

When a limited company borrows, the borrowing is the company's obligation, not its directors'. This is why lending to a company is treated differently from lending to a consumer, and why it sits outside the consumer-credit regime. A lender can ask a director for a personal guarantee to extend liability, but where none is taken, the debt remains with the company alone.

Limited companies and Credicorp

Credicorp lends to UK limited companies and LLPs — not to consumers or sole traders. We lend to the company, not to its directors: there is no personal guarantee and no director liability on our standard products, and the lending sits outside the consumer-credit regime. Credicorp Limited is itself a UK limited company (Company No. 16093826; ICO ZC157682), and is not affiliated with Credicorp Inc of Peru, Credit Corp of Australia, or any other Credicorp entity outside the United Kingdom.

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