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This lesson covers the more complex forms of business ownership: private limited companies (Ltd), public limited companies (PLC), and franchises. These structures are used by larger businesses and offer significant advantages — particularly limited liability — but also come with additional complexity and regulation.
A limited company is a business that has its own legal identity, separate from its owners. This means the company can own property, enter into contracts, and be sued in its own name.
The most important feature of a limited company is limited liability.
Limited liability means that the owners (shareholders) are only liable for the amount they have invested in the company. If the business fails, their personal assets (house, car, savings) are protected.
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