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Has anyone had experience with a UK Unlimited company ?

Fazoule

New member
Dec 4, 2020
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Today I learned about UK unlimited company. It is basically a limited company expect that in case of insolvency shareholder are fully liable. And because of that 'drawback' it is not very none / used by people.
The other difference is unlike its limited company counterpart, a UK unlimited company is generally not required by law to file annual accounts at Companies House.

Does this mean that if an unlimited company is formed with 1 Director + 4 shareholders all holding 25% of shares, the shareholder are by default not publicly disclosed publicly ?
Since none of the shareholder have more than 25% shares it makes the company have no PSC (Person with significant control) and since the company doesn't have to file any accounts shareholder are not disclosed ? Only the Director will be effectively in the public record ?

Has anyone ever worked with such structures? Is my above statement correct or am I missing something and shareholder will be filed somewhere else?
 
To the Company House yes but they won't appear publicly no? I mean, you won't be able to search for the company online on the CH website and see who is shareholder of that company.