Converting to Unlimted Company

[Iron Condor]

Is it possible to convert a Ltd company to an unlimited one.

If so does anyone know if its a lot of hassle.

I have (non IT) company, and for privacy purposes i would prefer if it was unlimited (i read no need to make public accounts). The disadvantage is you lose Limited liability.

[Maslins]

Not quite answering your question, but assuming you meet the criteria of "small" (turnover <£6.5m, gross assets <£2.8m & employees <250) the amount of information disclosed in your accounts is faily minimal.

Google "abbreviated accounts" to see what I mean.

But I honestly don't know the answer to your question, I think you're in a very small minority wanting to do that.

[Sally BFCA]

You can using this form off Companies House website.

I cannot really understand why anyone would want to do so, though.

[Alan @ BroomeAffinity]

Better off as a sole trader or partnership if privacy really is an issue?

[Sally BFCA]

Better off as a sole trader or partnership if privacy really is an issue?

That all depends on whether Iron Condor is a contractor and if a client/agency would deal with a sole trader. Usually not.

[Iron Condor]

You can using this form off Companies House website.

I cannot really understand why anyone would want to do so, though.

Thanks for the replies everyone. As i mentioned in my first post, this is a non IT company, so agencies conditions are not a problem.

The reason is the company has lots of cash, which is reinvested and hopefully grows hugely every year.

I dont want nosey relatives, one who already hinted they know they can do a search on credit gate etc. Also there is the increased chance of being targeted for fraud/identity theft.

So is there another way to hide this information without going unlimited?

Will even going unlimited hide this information from the nosies and fraudsters?, i read somewhere it would.

[Iron Condor]

Better off as a sole trader or partnership if privacy really is an issue?

Not with the new 50% tax. At the moment i pay 28% corp tax.

I know i am deferring a portion of the tax for a later date, but i will worry about that then.

[Sally BFCA]

The following quote is from Wikipedia

An unlimited company has the benefit and status of incorporation same as its limited company counterpart. Situations where an unlimited company will be preferred to an alternative business model or its limited company counterpart include:
secrecy concerning financial affairs is desired, effectively shielding its financial affairs from its competitors and making them non-public information including shareholder dividend payments: a United Kingdom unlimited company, unlike its limited company counterpart, is generally not required to publish or make public its company financial statements

This is what you are after, financial secrecy.