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This is the most common type of company incorporated within the UK. A limited company is a distinct legal entity and different to Directors and Shareholders. It requires a minimum of 1 Director, offers benefits that include, but not restricted to: limited liability, enables you to protect your business name and facilitates the raising of capital through selling shares. It is also worth noting that a large selection of businesses will not trade with unincorporated businesses.
A limited liability Partnership can be described as a cross between a Limited company and a traditional Partnership. An LLP must have at least 2 Partners and are still required to file and report to Companies House. LLP’s are set up as profit making businesses, but they do not pay corporation tax, instead each LLP member is required to complete an annual tax return instead. LLP’s allow for internal structure change as frequently as required.
This structure is primarily used for non-profit organisations for example: clubs, co-operatives, social enterprises, community projects, membership organisations and charities. It differs in that instead of share capital or shareholders, it has members who act as guarantors.