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By far the most popular type of company formation, a private company limited by shares offers its owners limited liability. The company is owned by one or more shareholders who hold its shares. It can operate with one or more directors and there’s no need to appoint a company secretary.

A limited liability partnership can be ideal if you want to combine the protection offered by limited liability with the flexibility of a traditional partnership. Although used by some other businesses, it’s most often used by professionals (like accountants, solicitors and architects) and consultants.

Instead of shareholders, a company limited by guarantee has members who undertake to contribute an amount of money if the business is wound up. This is usually a great choice for not-for-profit organisations, like clubs and associations. It’s not suitable for charities or profit-making businesses.

Far less common than a private company limited by shares, a public limited company (or plc) is the only type of UK company permitted to offer its shares to the public. In return, it must be formed with at least a minimum amount of share capital and fulfil a number of strict legal obligations.