A business that is owned by two or more individuals or companies known as shareholders and which acquires a separate legal identity to its owners. This means that the business can own property, sue and be sued, and that the business’s finances are separate to the owners ie shareholders (as with Ltd’s and LLP’s). Shareholders must elect / appoint at least two directors to be responsible for making all the key business decisions and managing the business on their behalf. As with Ltd’s, Directors must be at least 16 years of age from 1st October 2008 and Directors normally elect a Chairman and Managing Director but this can be one and the same. A plc must, however, also appoint a formally qualified Company Secretary who, along with Directors, is responsible for submitting key legal documents to Companies House.