A UK limited company is a distinct entity in which the liability of its members or subscribers is limited, by shares or by guarantee. Limited company shareholders or directors are not responsible for any debts run up by the business and their personal assets cannot be touched. For sole traders, they are personally liable for business debts.
A limited company limited by shares, may be further divided into public companies and private companies. A limited company is registered at Companies House and must operate within the Companies Act 2006.
At least one director must be appointed to run the company. At least one director must be an individual. Appointment of a company secretary is optional.
At least two directors and a secretary must be appointed. At least one director must be an individual and the secretary of a public company must be qualified.
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