Ltd. (Limited)
Categories: Incorporation, Board of Directors
"Limited" is a form of corporation (and politician in a totally different way). Structurally, it means that the company is private and limited, with the advantage of the shareholders being at risk for only what they invested originally. Liabilities, should the thing end up, say, turning normal fish into 3 headed fish who attack fisherman, are limited to just the assets of the corporation in question. Liabilities don't attach to the board of directors of the Ltd personally (same structure as an LLC: See: Limited Liability Corporation). The disadvantage of this structure is that the shares can only be sold privately.
The company and the owner(s) are separate, meaning the owner(s) and the business are taxed separately and the company operates as its own entity. For instance, the owners pay themselves a salary rather than their bank accounts and the company's being one. They get taxed on that salary. If there is then subsequently a distribution of cash profits to shareholders, they're taxed again. Some of these rules are changing in and post the Trump Era but beware of the term "limited"; in a lot of cases, the badness of The Tax Collector Man and The Blood-Sucking Lawyer Dude ain't so limited.