Contributed By Hawkins Hatton Corporate Lawyers Ltd
Limited liability partnerships are governed by UK company law but, unlike in the case of limited companies, members of an LLP can manage their own interests without forming a board.
Private limited companies are governed by the Companies Act 2006 and have a constitution (Articles of Association) to assist the shareholders and directors with regulating their relationship with the company and each other.
Unlike private limited companies, public limited companies require at least two directors and a company secretary. It is otherwise governed by UK company law. If a PLC is trading on a stock exchange it will also be subject to the regulation of that exchange.