Yes, like anything, there are some.
Some stakeholders will still require the directors to give personal guarantees especially for loans, landlords and suppliers.
Limited liability is not without conditions. If you have been involved in fraudulent trading or failed to take steps to minimise known loss to creditors, you will be liable personally for some or all the company debts.
There are other formalities and legal responsibilities added onto you as a director if you incorporate your business. On top of your personal tax returns, you will also need to file tax returns for the company, file confirmation statements and annual accounts. This is not much stress though if an accountant is in charge of your affairs.
Some of the director’s details will be published on the public register unless in extreme cases. The lack of privacy on the other hand is an advantage in proving stability & company size with lenders