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Page 1 Companies Limited companies can range in size from two people to tens of thousands and from a few thousand pounds to millions in turnover and from one to many thousands of shareholders. The Limited Company has its own legal identity, which is separate from the directors and owners (shareholders). This means it can own assets, form contracts, employ people, sue and be sued. They have limited liability, which means any debt repayment is limited to the shareholders funds (share capital). This is a very important difference to the partnership, without limited liability. Limited companies are run by directors who are appointed by shareholders. They form a board of directors headed by a chairperson. They are responsible to the shareholders in the running of the business and can be voted from the board at the A.G.M. (Annual General Meeting) where shareholders vote according to the number of shares they hold. Companies do not pay...

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