Insights

Company Types in Common Use

Samuel

Company Types explained

Not all Companies in the UK operate in the same way, some limit liability, others don’t, some have shareholders, some don’t. When registering a company it depends on who owns the company and which of those people are responsible for the company’s liabilities which defines the company type registered.

The different company types have important legal ramifications in terms of the status of the company, particularly with regards to ownership and what happens if the company goes into liquidation or has financial difficulties. There are also implications when it comes to filing accounts and the company number prefix.

Detailed below are the most common company types you may come across.

Company TypeAbbreviationDescription
Public Limited CompanyPLCA public limited company (legally abbreviated to PLC) is a type of public company as defined under the Companies Act 2006. It is a limited liability company whose shares may be freely sold and traded to the public. A PLC may also be privately held including by other companies. With a minimum share capital of £50,000 and usually with the letters PLC after its name. Public limited companies will also have a separate legal identity.
Private company limited by sharesLtd, LimitedA Private Company Limited by Shares is a class of Private Limited Company incorporated under the Companies Act 2006. It has shareholders with liability limited to the value of the investment in the company. Its shares may not be offered to the general public, unlike those of a public limited company.
Private company limited by guaranteeLBGUnder the Companies Act 2006, a company limited by guarantee (LBG) is an alternative type of corporation used primarily for non-profit organisations that require legal personality. A company limited by guarantee does not usually have a share capital or shareholders, but instead has members who act as guarantors. The guarantors give an undertaking to contribute a nominal amount (typically very small) in the event of the winding up of the company
Private unlimited companyULLAn unlimited company ("ULL") or private unlimited company is a hybrid company incorporated with or without a share capital but where the legal liability of the members or shareholders is not limited. This means its members or shareholders have a joint and non-limited obligation to meet any insufficiency in the assets of the company settle any outstanding financial liabilities in the event of the company's liquidation. ULLs do not have to file public accounts offering greater secrecy.
Limited liability partnershipLLPA limited liability partnership (LLP) is a partnership in which some or all partners have limited liabilities. In a LLP, each partner is not responsible or liable for another partner's misconduct or negligence. In a LLP, some or all partners have a form of limited liability similar to that of the shareholders of a corporation. Unlike corporate shareholders, the partners have the right to manage the business directly. An LLP also contains a different level of tax liability from that of a corporation.
Limited partnershipLPA limited partnership (LP) must have at least one General Partner (GP) and one limited partner.  General Partners are in the same legal position as partners in a conventional firm: they have management control, share the right to use partnership property, share the profits of the firm in predefined proportions, and have joint and several liability for the debts of the partnership.
Societas EuropaeaSEA Societas Europaea (Latin for European society or company) is a public company registered in accordance with the corporate law of the European Union (EU), introduced in 2004 with the Council Regulation on the Statute for a European Company. Such a company may more easily transfer to or merge with companies in other EU member states.
Royal CharterRCA royal charter is a formal grant issued by a monarch under royal prerogative. Since the 14th century they been used to grant a right or power to an individual or corporation. They were, and are still, used to establish significant organisations such as boroughs universities and learned societies.
Community interest companyCICA community interest company (CIC) is a type of company designed for social enterprises that want to use their profits and assets for the public good. CICs are intended to be easy to set up, but with some special features to ensure they are working for the benefit of the community.
Charitable incorporated organisationCIOThe main intended benefits of thiS entity is the ability to conduct business in its own name under limited liability so the members and trustees do not have to contribute in the event of financial loss. These are already available to limited companies; charities can be formed as companies, but then they must be registered with both Companies House and the Charity Commission. In contrast, the CIO only needs to register with the Charity Commission.
Overseas CompanyOCThe fact that an overseas company is carrying on business in the UK does not automatically mean that it has to register with Companies House. Registration of an overseas company is only required when it has some degree of physical presence in the UK (such as a place of business or branch) through which it carries on business.
×

Membership Level change

You have selected the Search membership level.

The price for membership is £0.00 now.

Create a FREE account to view the data!


Login Details Already have an account? Log in here

LEAVE THIS BLANK

About You

*

Terms and Conditions of use

Terms and Conditions

1. Acceptance the Use Of Doorda.com Terms and Conditions

Your access to and use of Doorda.com (the Website) , the property of Doorda Ltd (“Doorda”), is subject exclusively to these Terms and Conditions. You will not use the Website for any purpose that is unlawful or prohibited by these Terms and Conditions. By using the Website you are fully accepting these including any disclaimers stated therein . If you do not accept these Terms and Conditions you must immediately stop using the Website.

2. Credit card details

Doorda will never ask for Credit Card details and requests that you do not enter it on any of the forms on the Website

3. Advice

The contents of the Website do not constitute advice and should not be relied upon in making or refraining from making, any decision.

4. Non-Commercial Use

All content on the Website is for non-commercial use only and is issued under the Creative Commons Attribution-Non Commercial 4.0 International Licence .

5. Change of Use

Doorda reserves the right to:

(1) Change or remove (temporarily or permanently) the Website or any part of it without notice and you confirm that Doorda shall not be liable to you for any such change or removal
(2) Change these Terms and Conditions at any time, and your continued use of the Website following any changes shall be deemed to be your acceptance of such change.
and
(3) Discontinue access by any user at any time , such action being entirely at Doorda’s discretion

6. Links to Third Party Websites

The Website may include links to third party websites that are controlled and maintained by others. Any link to other websites is not an endorsement of such websites and you acknowledge and agree that we are not responsible for the content or availability of any such sites.

7. Intellectual Property

7.1 All copyright, trademarks and all other intellectual property rights in the Website and its content (including without limitation the Website design, text, graphics and all software and source codes connected with the Website) are owned by or licensed to Doorda or otherwise used by Doorda as permitted by law.

7.2 In accessing the Website you agree that you will access the content solely for your personal, non-commercial use. None of the content may be downloaded, copied, reproduced, transmitted, stored, sold or distributed without the prior written consent of the copyright holder. This excludes the downloading, copying and/or printing of pages of the Website for personal, non-commercial home use only.

8. Disclaimers and Limitation of Liability

8.1 The Website is provided on an AS IS and AS AVAILABLE basis without any representation or endorsement made and without warranty of any kind whether express or implied, including but not limited to the implied warranties of satisfactory quality, fitness for a particular purpose, non-infringement, compatibility, security and accuracy.

8.2 To the extent permitted by law, Doorda will not be liable for any indirect or consequential loss or damage whatever (including without limitation loss of business, opportunity, data, profits) arising out of or in connection with the use of the Website.

8.3 Doorda makes no warranty that the functionality of the Website will be uninterrupted or error free, that defects will be corrected or that the Website or the server that makes it available are free of viruses or anything else which may be harmful or destructive.

8.4 Nothing in these Terms and Conditions shall be construed so as to exclude or limit the liability of Doorda for death or personal injury as a result of the negligence of Doorda or that of its employees or agents.

9. Indemnity

You agree to indemnify and hold Doorda and its employees and agents harmless from and against all liabilities, legal fees, damages, losses, costs and other expenses in relation to any claims or actions brought against Doorda arising out of any breach by you of these Terms and Conditions or other liabilities arising out of your use of this Website.

10. Severance

If any of these Terms and Conditions should be determined to be invalid, illegal or unenforceable for any reason by any court of competent jurisdiction then such Term or Condition shall be severed and the remaining Terms and Conditions shall survive and remain in full force and effect and continue to be binding and enforceable.

11. Governing Law

These Terms and Conditions shall be governed by and construed in accordance with the laws of England and you hereby submit to the exclusive jurisdiction of the English courts.

 Click here to read full terms of use.
Join our mailing list.