A public limited company, or 'PLC' for short, is a company that is legally allowed to offer its shares for sale to the public. They don't have to offer shares to the public if they choose not to, but the option is there if and when needed. A PLC is not the most popular choice of company in the UK, in fact over 95% of limited companies in the UK are private limited companies. There are certain differences between the two, and there are specific requirements that a public limited company needs to meet.
- With a PLC you need a minimum of two shareholders, but a private limited company will only need one.
- There needs to be a minimum of two Directors registered within a PLC. Only one is needed for a private company.
- Company accounts are required to be submitted to HMRC within 6 months of the end of the financial year.
- A private company is allowed 9 months for submission.
- You need to have a fully-qualified Company Secretary appointed within a PLC, but a private company secretary does not need to hold qualifications.
