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In the US, the term limited liability company refers to a business model with characteristics of both the limited company and partnership. In this model, the members enjoy limited liability and the LLC itself has perpetual existence. Additionally, members enjoy the benefits of flow-through taxation, unless they elect otherwise, or have too many corporate characteristics. Most jurisdictions also require fewer formalities in forming and operating an LLC.

In the UK, a limited company refers to a company limited by shares. The term can be applied to either a private company limited by shares (“Limited” or “Ltd.”) or a public company limited by shares (“plc”).