Explain why registering his business as a company may be of benefit to Mick
A consequence of registering his business as a company is separate legal personality and limited liability.
The benefits to Mick are:
Mick's company can enter into the new contracts in its own right and only it (rather than Mick) will be liable for damages for any breach of contract.
The company will be liable for its own debts should repayment become a problem.
The company, rather than Mick, will be liable of any negligence claims made against the business.
The limit of Mick's liability in respect of the business will be any amount unpaid on his shares. This likely to be substantially less than the current situation where Mick is liable in full for all liabilities of the business.
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