You and the other shareholders in the limited company will have no personal liability for the company's obligations. The company will be considered an independent (legal) entity, and the company must also pay tax on any surpluses it generates.
Register the company
When you start up a limited company, you must register the company in the Register of Legal Entities. When the company has been registered, it will be assigned an organisation number. You should quote the organisation number whenever you contact a public administration, bank, submit tenders, order goods, etc.
You risk incurring a loss
As a shareholder, you are at risk of losing what you have invested in a limited company (the share capital). In practice, the banks may claim that you are pledging assets for any loans given to the company. You then stand to lose more than just the share capital. The company’s other creditors can only submit their claims to the company.
Smaller limited companies are not obliged to have an auditor. To find out whether this applies to you and your company, you can read A legal amendment in 2011 means that small limited companies can opt not to be audited.