Unincorporated or limited

Hi, my friends and I want to set up our own association, approx 30 of us. We have written a constitution and agreed a membership fee to cover public liability insurance cost and club merchandise. Is it better to run as an unincorporated association or to run as a limited company. One member who has his own business wants to go limited, in case we get sued for something? but the bank account costs and accounts filing etc will exceed our income. So over to you for help in making this decision,  unincorporated or limited. 
Regards P.

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