Small Ltd business security risk online?

skyrock

Hello All
Hope im posting this in the right place, apologies if not.
Was shocked to discover yesterday that you can input any Ltd companies name into google (or indeed a home address) and find out 'cash at bank' and other financial details about the company and directors addresses at a click of a button, you dont even have to register on the sites. Now, I know this is public information and everyone is entitled to see it but having it kept at companies house (and people having to request it) is one thing but having it freely available on a search engine is a bit worrying imo. Seriously considering changing the type of business so this information isnt available to all and sundry. Does anyone know if changing a small ltd company to a partnership would have any financial disadvantages? Is anyone else worried about this information being SO freely available? thanks

pitkin2020

Its freely available as you have already noted. Some one would only really search if they wanted the information so getting it off google is no different to getting it from companies house.

As to the financial side of going to a partnership from a LTD company would depend on the business, there is pros and cons to both statuses.

skyrock

Thanks, i'll have to refresh my memory on different types of businesses and look into it.

Re the information, i was concerned because whereas in the past someone would have to know you ran a business then apply to companies house for the information and presumably they would keep a record of who requested it (maybe not?). Now they can simply type an area or road name in and get a list of all the businesses run from private addresses and their financial details. I was just thinking,maybe opportunist scammers etc would not bother requesting to companies house but they could get information about people now quite easily. If you run a small business like you are an accountant or something people know how much you have. They could easily find out who had money in that area without having to go through formally requesting details.

skyrock

its just a bit of a shock to put your business name into a search engine and third link down is a director check link that gives a summary of your accounts including cash at bank on the first page. On a lighter note though, I suppose its a great tool for nosy neighbours.:eek:

firstinflight

This is essentially the trade-off you have to make to get the protection of limited liability that a company provides. The company's financial details have to be public so that potential creditors can make a judgement on the solvency of the business, because they can't chase you personally for the money if things go wrong.

If you don't think the limited liability is worth it, then the following business types basically have no reporting requirements:

Sole trader
Partnership
Limited Partnership
Unlimited Company

paulwf

Cash at bank and other accounting details aren't really "real world" details though and would mean little to most people without the full financial report. I just checked mine out and some of the figures listed I've never even seen before. The cash at bank figure is nothing like the cash I have in the bank now. It might be good to see the magnitude of the figures to see the scale of the company but if I can't make any sense of the figures listed for my company I doubt others can!

Mistral001

This is one of the down sides to being limited. Strangely as it may seem to many people here, but yes many buusiness people will be cautious about trading with ltd companies, especially small and/or new ones) because of the limited liability these Ltd companies have for their financial responsibilities (the clue is in the name). One way of reassuring those business people who are thinking of trading with these ltd companies is to make available the financial details

skyrock

Thanks. I have no problem with anyone legitimate seeing all of our accounts at all for business purposes. Maybe I would feel better if the home address wasnt on the front page too. I just feel as if people are always getting warned not to share personal information and it just makes me feel uncomfortable that its 'in your face' when you click onto the site. It just feels like leaving your valuables on view in your car a bit. Think its probably because its a family business from home and the accounting period shown it looks like theres a reasonable amount of money in. Of course the rest of the details arent on so it dosnt show you what the money is earmarked for etc. Personally I think it felt safer when people would have to request the details from companies house. Whether or not it was safer I dont know. I imagine it could make things easier for scammers, not too bad if you know the information is on there but if you dont some people could be vulnerable.

PlutoinCapricorn

This is something that I have noticed and felt rather alarmed about myself: luckily I am a sole trader who doesn't need to advertise so my details will not appear when someone Googles the postcode or my name.

Before Google, serious seekers of information would have to visit Companies House but now everything is available even to people who were not specifically looking. This certainly is worrying.

pitkin2020

skyrock wrote: »

Thanks. I have no problem with anyone legitimate seeing all of our accounts at all for business purposes. Maybe I would feel better if the home address wasnt on the front page too. I just feel as if people are always getting warned not to share personal information and it just makes me feel uncomfortable that its 'in your face' when you click onto the site. It just feels like leaving your valuables on view in your car a bit. Think its probably because its a family business from home and the accounting period shown it looks like theres a reasonable amount of money in. Of course the rest of the details arent on so it dosnt show you what the money is earmarked for etc. Personally I think it felt safer when people would have to request the details from companies house. Whether or not it was safer I dont know. I imagine it could make things easier for scammers, not too bad if you know the information is on there but if you dont some people could be vulnerable.

No one will find that information unless they are looking for information about your business. You can not just stumble on that info without something to go on to begin with.

As you protect yourself behind a limited liability I think its good that the information is easily found, prospective customers/businesses can make a decision as to how safe it is to deal with you. The information will never be 100% accurate but it will give a good amount of guidance.

skyrock

Glad its not just me who thinks its a bit worrying. It wouldnt even be as bad if you had to register with the sites to view the information. Its full names and address of directors, month and year of dob and then a financial summary of accounts all on the front page/link from the search engine.