consequences and advantages of incorporation in terms of the companies act?

Answer 1

The main advantage must be the limitation fo liability for the owner if the company goes bust. As a director this is capped to £50k, providing there is no suggestion of fraudulent activities.

The price for this protection though is a whole raft of legislation, filing requirements, and fines if you don't provide the right information by the due date. Companies house aren't the best or quickest when it comes to processing, and will fine you for being one day late.

You also have an obligation to reveal your Company's standing, not just to the people who support you, but your competitors too!