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A limited, or incorporated, company is a separate legal entity. One benefit to incorporating is that your liability is limited to your investment in the company, hence the name “limited liability company.” (Note, however, that being incorporated only protects you from liability up to a point. For example, you may be protected if you were sued, but most creditors will insist on a personal guarantee if you purchase items on credit, especially if you are just starting out.) There may be tax advantages to incorporation as well, but you should investigate local statutes and talk to a financial advisor to find out if and how you would realize them.

Since the limited company is expensive to set up and administer (you have to pay annual fees), requires a lot of work to maintain (forms must be filled out, records kept, income tax statements prepared by accountants, etc.), and is usually overkill for a small start-up company, I don’t recommend it unless your financial advisor offers compelling reasons to go this route.