Number of members:
A PBC can have a maximum of 20 members, while a PLC can have a maximum of 50 members.
A PLC can have shareholders, which are individuals or companies that own shares in the company. A PBC does not have shareholders, but instead has members, which are individuals who are responsible for the day-to-day running of the company.
Memorandum of Association:
A PLC must have a memorandum of association, which is a document that sets out the company’s objectives and rules. A PBC does not need a memorandum of association.
Articles of association:
A PLC must have articles of association, which are documents that set out the company’s internal rules and regulations. A PBC does not need articles of association.
Annual return:
A PLC must file an annual return with the Companies Registry. A PBC does not need to file an annual return.
Audit:
A PLC must have its financial statements audited by a qualified accountant. A PBC does not need to have its financial statements audited.
Cost:
The cost of registering a PBC is lower than the cost of registering a PLC.
The choice of whether to register a PBC or a PLC will depend on the specific circumstances of your business. If you are a small business with a limited number of members, then a PBC may be a good option for you. If you are a larger business with a larger number of members, then a PLC may be a better option for you.