Page 5 - LILITED LIABILITY COMPANIES - INTERMEDIATE
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COMPANY ACCOUNTING SESSION 14
• No continuity – the business ends when the burden
owner dies or retires • Annual auditing required
• May not sound as “professional” • Annual accounts must be submitted to
• Selling part of the business is not as easy as registrar of companies
for a limited company • Shareholders cannot apply assets to
• Can be difficult to get credit, but you may personal use, nor can they withdraw funds
have to give it at will
• Annual meeting of members is compulsory
©LAWRENCE CAUCHI AIPFM, LMLCC, FIAB, MAAT, MIAAP. Page 4 of 19
