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Private Limited Company: Recommendations on Establishing, Management & Employment Issues Recommendation The most suited business identity the four individuals should form would be a Private Limited Company (Ltd) as each individual will own a share in the company and will have a say in its management, which is what the brothers Michael and James Kafka wanted. In a limited company, the four individuals would be protected by 'limited liability' and the company would exist as a separate legal entity. This means that (unlike sole traders or partners) the individuals can benefit from the profits while not being personally responsible for its debts and obligations. If the company goes into liquidation, the individuals will not have to pay all of its debts and will only lose their initial investments. The following table illustrates procedures within a private limited company. Setting up: You have to register with the Registrar of Companies at Companies House. Liability: The shareholders (members)...

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