Private Limited basics
- The business is incorporated (business is separate to the owner).
- Limited Liability (you can only lose what you invested).
- LTDs pay Corporation Tax on any profit they make.
- An LTD usually has a few shareholders as owners and directors.
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- LTDs will have a complete Memorandum of Association which is the legal document to set up the business.
- They must have an accountant and provide all their financial information to the government so they can work out how much tax they should be paying.
- The staff are employed by the company to do the jobs.
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