Glossary

Limited Company

A Limited Company must be incorporated at companies house, have its own unique company registration number and is governed by the requirements of the Companies Act (and its own articles of association). There are three common types of companies Private Limited Company (LTD), Limited Liability Partnership (LLP) & Public Limited Company (PLC). A Limited Company is a legal entity in its own right and the owner is protected by limited liability (meaning the shareholders’ financial liability is limited to the value of their investment in the company).

Other common terms

Limited Company Service

This service (offered to freelancers by FCSA members) covers the primary support services needed to help an individual in business on their own account run

PSL

Is a ‘Preferred Suppliers List’ that recruiters will use to identify companies that they are happy to work with, such as specific umbrella companies, that

Limited Company

A Limited Company must be incorporated at companies house, have its own unique company registration number and is governed by the requirements of the Companies