A company limited by guarantee has corporate status and is normally used for non-profit making organisations such as clubs, schools and charities. The word 'LIMITED' at the end of the title can be omitted. The liability of the members is normally set at £1.
Flat Management Companies
These are usually formed to run a residents management company to look after the general running of blocks of flats. The name is often the address of the property in question. The company can be either a normal private limited company or a company limited by guarantee.
Limited Liability Partnerships (LLPs)
Limited Liability Partnerships (LLPs) are an alternative to limited companies. They are frequently used by professional firms like Solicitors so that their practice has limited liability. As long as there are always two members they can be used for any other business. LLPs give the proprietors the benefits of limited liability whilst allowing the business to take advantage of the internal structure and taxation regime of a traditional partnership.