A limited company is a type of business structure that is registered in a way that makes the company an entity that is separate from the people who run it. This separation primarily provides the benefit of limited liability for its owners, which means that if the company encounters financial difficulties, the personal assets of the shareholders or owners are protected; their liability is limited to the amount they have invested in the company or promised to pay on their shares.

Public Limited Companies (PLC): These companies have shares that can be bought by the public and traded on the stock market. They have stricter regulations and requirements than private limited companies, such as a minimum share capital and the need to publish their accounts.