Has anyone had experience with a UK Unlimited company ?

[Fazoule]

Today I learned about UK unlimited company. It is basically a limited company expect that in case of insolvency shareholder are fully liable. And because of that 'drawback' it is not very none / used by people.
The other difference is unlike its limited company counterpart, a UK unlimited company is generally not required by law to file annual accounts at Companies House.

Does this mean that if an unlimited company is formed with 1 Director + 4 shareholders all holding 25% of shares, the shareholder are by default not publicly disclosed publicly ?
Since none of the shareholder have more than 25% shares it makes the company have no PSC (Person with significant control) and since the company doesn't have to file any accounts shareholder are not disclosed ? Only the Director will be effectively in the public record ?

Has anyone ever worked with such structures? Is my above statement correct or am I missing something and shareholder will be filed somewhere else?

 

[TacitusKilgore]

Shareholder info will still need to be filed with Companies House in the unlimited company's annual return.

 

[Fazoule]

To the Company House yes but they won't appear publicly no? I mean, you won't be able to search for the company online on the CH website and see who is shareholder of that company.

 

[CaptK]

Bank account would be impossible unless you have upwards of 10M to open your account and then it still will be very hard work.

 

[TacitusKilgore]

To the Company House yes but they won't appear publicly no? I mean, you won't be able to search for the company online on the CH website and see who is shareholder of that company.

Yes they will appear publicly on the website, like most filings with Companies House.