|Private Limited by Shares||LLP|
|Can be registered, owned and managed by just one individual – a sole person acting as both the director and shareholder||A minimum of two members are required to set up an LLP.|
|The liability of shareholders or guarantors is limited to the amount paid or unpaid on their shares, or the amount of their guarantees.||The liability of LLP members is limited to the amount each member guarantees to pay if the business runs into financial difficulty or is wound up.|
|A limited company can receive loans and capital investment from outside investors.||An LLP can only receive loan capital. It cannot offer equity shares in the business to non-LLP members.|
|Limited companies pay corporation tax and capital gains tax on all taxable income.||LLP members pay income tax, National Insurance and capital gains tax on all taxable income. The LLP itself has no tax liability.|
|You need to inform the Secretary company for each time changing of director, shareholder.||It is easier to change the internal management structure and distribution of profits in an LLP.|
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