[SixSigma]

I'm a UK citizen. I am more shocked that the information you are uncomfortable in disclosing is not shared by a US incorporation.

Creating a Limited Company is in order to protect company owners from the debts of the company. For me to expose my company to the liability of doing business with your company, e.g. give you credit terms, I would rather like to know your financial soundness.

Society agrees to waive your debts in return for these disclosures. Personal financial ruin through business risk is eliminated through socialising the risk. This is agreed to be a risk society takes in return for an interesting economy.

[r2dnb]

I understand your point of view, at the same time when I read that :

>For me to expose my company to the liability of doing business with your company, e.g. give you credit terms, I would rather like to know your financial soundness.

I'm thinking : then we can enter into a bilateral agreement and choose an independent auditor that will certify my accounts. (Which is the idea behind the american legislation).

I really think that the government shouldn't force people to make these disclosures. It makes me very uncomfortable, as a citizen I feel my rights and my property are violated. Even at the time I'll be making 10M profit a year, I'm sorry but this is privacy, I should be free to choose with who I share this information.

And don't forget that if someone wants me to disclose but I don't, he is still free to do business with my competitor.

[rmc]

You are free to have all the privacy you want. As a sole trader. If you want limited liability, it comes with a cost.

[SixSigma]

> Even at the time I'll be making 10M profit a year, I'm sorry but this is privacy, I should be free to choose with who I share this information.

Too bad. If you want our money, that's the deal.

[throwaway41597]

In France, you'll get some of your information (name, address and line of business; financials are optional) published even if you hold personal liability. And as others have said, the public financial data is not very relevant if someone is trying to assess a company. It's also too complex for the consumer.

I think if we were to redesign the system from the start, it'd look more like Ebay with feedback and escrow. It wouldn't be enough and it'd need other protections, but my point is the current system doesn't work great neither for customers nor for entrepreneurs. And as a consequence, it may be that it stifles commerce and entrepreneurship.