Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Limited company definition

What does Limited company mean? In legal practice, a limited company is an incorporated business where members’ liability to creditors is limited—either to the unpaid amount on their shares or to a fixed guarantee. In the UK (England & Wales, Scotland and Northern Ireland), the concept and types are set out in the Companies Act 2006. The main forms are: private company limited by shares (Ltd), public limited company (plc), and company limited by guarantee (without share capital). All have separate legal personality and limited liability for shareholders or members; limited liability attaches to members and does not restrict directors’ personal liability for...

Selecting UK business vehicles: comparative guide to companies, partnerships (general/limited), LLPs and sole traders—legal features, liability, disclosure and suitability

Published by a LexisNexis Corporate expert

Practice notes

Forms of business vehicle in the UK

There are numerous forms of business vehicle, and choosing the most suitable structure to operate a business is vital; that selection can affect whether a business succeeds or fails. No single vehicle will meet every enterprise’s needs and expectations. Each option presents its own advantages and drawbacks. Deciding which vehicle to employ for a particular venture is complex and turns on a range of legal, tax and commercial factors; a perfect match may not exist. Moreover, the vehicle first adopted to run a given business may cease to be the best fit as that business grows and matures. The chosen vehicle should therefore be reviewed periodically. If the original vehicle proves unsuitable, a different vehicle can be used to assume the business, although changing vehicles can be expensive, depending on the circumstances. This fundamentals note considers the various available forms of business vehicle in the UK, includes links to relevant material, and provides summaries of the key characteristics of the most common forms...

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Web page updated on 21/05/2026

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