A specific type of Limited Liability Company (LLC) that is permitted to sell its shares to the public is known as a Public Limited Company (PLC). People prefer forming this type of company because it offers them a lot of flexibility and also the opportunity to make quite a bit of money. These companies are easy to spot because their name is required by law to end with Public Limited Company or PLC.
The people who form a PLC need to put in a specific amount of money. By law, this company can only get incorporated if it has a minimum capital of £50,000. The difference between this company and a LLC is that it is possible for shares of this company to be sold. However, there are quite a few criteria that have to be fulfilled before the company can offer its shares to the public. Companies House will also need to make certain that the shares that have been sold, and that too at no less than a quarter of its face value. This ensures that the company is run with a high degree of accountability.
People who start Private Limited companies have very strict filing rules to deal with. Companies house expects that the accounts will be filed no longer than 7 months after the year end. In comparison, a private company is allowed 10 months to do the same thing.
Companies House is usually very flexible when it comes to who the directors and shareholders of the PLC are. There needs to be two directors and shareholders apiece in order for the company to be incorporated. However, the director needs to be at least 16 years of age.
Forming a PLC is very easy since our company can help you through all steps of the way.
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