Limited Liabilty Insurance · AditNow Community

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Pauldcc
50.2% (Neutral)
Newbie Topic Starter

13 years ago

Has anyone had any dealings with any club that is changing to a ltd company with regards to limted liabilty insurance?.
We have had a couple of members in our club( Derbyshire caving club) that have been bringing up the matter for some time now, i know that a couple of clubs have changed but they do winch meets which we don't do our selves.
I would like to hearom anyone who has direct knowledge of how it affects a club and what the pro's and cons are.
Any how Merry Christmas to you all and have a good xmas and newyear...
:thumbup:

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derrickman
50.2% (Neutral)
Newbie

13 years ago

I have been a member of the Vintage Motorcycle Club for years and they long ago made this move, quite a few clubs in the motorcycle racing scene have done it.

It's a good move if you do it the right way.

Either that, or register the club in Poland or Bangla Desh and ignore the law entirely, as quite a few construction industry labour suppliers do these days :guns: :curse:

''the stopes soared beyond the range of our caplamps' - David Bick...... How times change .... oh, I don't know, I've still got a lamp like that.

AR
50.2% (Neutral)
Newbie

13 years ago

PDMHS has been a limited company for quite a long time now, I understand we changed over to this form of organisation when we set the mining museum up to cover running a commercial operation. As for insurance, I don't know whether we'd be a good comparison or not, as we need employer's liability to cover paid staff at the museum, plus public liability to cover charging to enter an old mine, which means our insurance costs an arm and a leg....

One of the key things about being a limited company rather than a club is that you need to have directors, and the law around directors' duties and responsibilities is more stringent than that covering a club official AFAIK. So, if you've got members agitating to change your status I'd get them to do the leg-work and come up with a case for going Ltd, comparing costs and benefits of staying a club and becoming a company.

Follow the horses, Johnny my laddie, follow the horses canny lad-oh!

pedrgogh
50.2% (Neutral)
Newbie

13 years ago

As I understand it.
With a club you are all equally liable so if it all goes wrong you all have to foot the bill which , if large, could mean losing your house,
With a limited company your liability, as share holders, is limited, ie in a club I belong to we are all share holders with the liability limited to a years subs, in our case around £20.
If things are real bad its the directors that carry the can, like the Hon Sec can be banged up for the clubs misdemeanour.

rufenig
50.2% (Neutral)
Newbie

13 years ago

The one to watch on this is the Golf club where the bonfire caused "Allegedly" the M6 pileup.
Will their officials be prosecuted and to what extent?

derrickman
50.2% (Neutral)
Newbie

13 years ago

Limited Liability is a great way of doing just that PROVIDING, and only providing, that the Directors stay within the bounds of their expertise and/or the suitably informed advice they seek regarding matters outside that expertise.

It's not a "get out of jail free card" by which you can simply walk away from problems, unless you can play the "race card" at any rate.

''the stopes soared beyond the range of our caplamps' - David Bick...... How times change .... oh, I don't know, I've still got a lamp like that.

stuey
50.2% (Neutral)
Newbie

13 years ago

Why would they not go down the charity route?

V odd.

rufenig
50.2% (Neutral)
Newbie

13 years ago

In my understanding Charity status covers financing, it allows or simplifys getting grants of money.
Limited liability insurance is intended to give financial protection to club memmbers & oficers.

The Shropshire Mines Trust Ltd are both a charity & Limited liability.
Prehaps someone closer than myself can comment.