Limited or Unlimited
Most people are used to the concept of limited companies without even understanding what it means. Basically limited means that in the event of the company going bankrupt, the members (shareholders) have no liability provided they have paid the face value of their shares. As most people do this ‘day one’ then the members have no future financial liability. If your company has limited liability then you are required to file accounts at Companies House each year. These accounts are open for public inspection and there are financial penalties if you miss the filing dates.
In my opinion, being limited does not give any real protection to those of you who are trading as medical practitioners. The reason for this is that if a patient is going to sue you then any solicitor worth their salt will advise them to bring two actions, one against the company and the other against the individual who treated them.
I therefore believe that you may be better off trading as an unlimited company. Such companies do not have to file accounts at Companies House and therefore not only is privacy maintained but also there cannot be any late filing penalties.
You can change from limited to unlimited at any time. Provided it is before the due date for filing your accounts at Companies House then you do not need to file them, even if you are making the change between the end of your financial year and the date they are due for filing. The change from limited to unlimited involves the preparation of 5 documents, and their submission to Companies House with a re-registration fee. One of the documents must be signed before a Commissioner of Oaths. This is a one-way process only so you need to be sure that you wish to do it.
Always take professional advice before making such a change.