How to Track a Company Formation Order

Learn about directors, shareholders, and other key roles in a limited company.

 Different types of companies have different key roles. Here's a brief outline of these roles in three common company structures: 

Companies Limited by Shares

 This type of company is owned by shareholders who invest money and own parts of the company. 

• Shareholders: Own all (or part) of the company by holding shares.
• Directors: Manage the company's daily affairs.
• Persons with Significant Control (PSCs): Have significant influence over the company, typically owning over 25% of shares or voting rights.
• Secretaries (Optional): Not required, but can help with legal and administrative tasks.

Companies Limited by Guarantee

These companies are supported by guarantors rather than shareholders.

• Guarantors: Pledge to support the company financially up to a specified limit.
• Directors: Manage the company's daily affairs.
• Persons with Significant Control (PSCs): Have significant influence over the company
• Secretaries (Optional): Assist with administrative duties.

Limited Liability Partnerships (LLPs)

LLPs are partnerships where some or all partners have limited liabilities.

• Member: Participates in the business, shares profits, and has limited liability for the company's actions.
• Designated Member: Holds the same responsibilities as members, plus crucial administrative tasks like legal filings and compliance.
• PSCs: Individuals or entities with significant control over the partnership.
• Note: An LLP must have a minimum of two designated members at all times.