Company Limited by Guarantee
Benefits as per Bronze Pack, with company being Limited by a Guarantee and not having a share capital.
A Company Limited by Guarantee is a type of company that does not have share capital or shareholders and is usually formed to manage a charity or not for profit organisation such as a sports club or political party.
The trustees of a company limited by guarantee have a list of predetermined ‘objects’ stipulated in their Memorandum of Association, the objects define what the company will do and usually include a clause to restrict the directors from paying out any profits to the trustees, but rather to reinvest any profits in fulfilling the company's objects. Whereas a company limited by shares may elect to undertake any legal trade and can distribute the profits to the shareholders.