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?
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?
