Company. He told me that the business was performing well and was desirous of purchasing land. He and his business partner wanted to buy the land in the name of their business. The bank informed them that the land can only be purchased in the name of a Limited Liability Company not a partnership. The reason is that a limited liability company is a separate legal entity. A partnership is not a separate legal entity recognized by law.
You should consider upgrading to a limited liability if you want to:
Purchase land in the name of your company;
Purchase vehicles in the name of your company;
Gift your company to your children (sole traderships and partnerships cannot be passed down to anyone, the business ends with your passing.)
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- How to prepare Annual Returns for an External Company
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