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A private limited company is a particular type of incorporated company. Unlike a public company, it has certain restrictions on its ownership, including a restriction on the sale of shares to the public.
Private limited companies and shares
Shares in the company are allocated to individuals or companies who collectively own the limited company and the shareholders’ liability is limited by law to the value of the shares. In this way, private limited companies protect their shareholders from financial liability to some extent.
Advantages of setting up a private limited company
- Contractors or freelancers can be set up in business with minimal risk
- You can optimise your salary and earnings when compared to permanent employment
- Tax liability can be reduced
- Retained earnings can be reinvested in the company
- Facilitates setting up a personal pension