House and once limited status is granted, it becomes a distinct entity from its owners, with separate finances to their personal ones.
There are two distinct types of Limited companies: limited by shares and limited by guarantee. The former is when there are shares and shareholders and profits can be kept. Limited by guarantee has guarantors & invests profits back into the company. This is typically in not for profit companies. A private limited company (LTD) is also different to a public limited company (PLC). A PLC must have a minimum share capital of £50,000, as least two shareholders, two directors, and a qualified company secretary. Therefore, most small to medium businesses will opt for a private limited company.