You have to register with the Registrar of Companies at Companies House.

The shareholders' (members') personal assets are protected if the business falls. (Limited liability) You can only lose what you have put into the business.

The business is controlled by the board of directors. They are each held personally responsible for its management and must act in the company's best interests.

Capital is raised by the sale of shares, although not to the general public.

Dividends are paid to the shareholders.

Employee status. The Directors are employed by the company through the PAYE tax system.

The company is a legal entinty in its own right and can be sold, or buy shares in other companies. It has 'perpetual existence'.