It is rare for a company to start its life as a Public Limited Company. PLCs are normally formed by converting an established standard limited company into a PLC. A key feature of PLCs is their ability to offer their shares to the public (if certain conditions are met). Standard Limited Companies cannot do this. PLCs are subject to more onerous regulation than standard limited companies. They are typically larger and longer established than standard limited companies. Businesses sometimes become PLCs for the prestige of identifying themselves with larger and longer established companies; these companies are referred to as ‘vanity PLCs’. Features of PLCs: Benefits from Limited Liability Requires at least two directors. Requires a company secretary, with specific qualifications. Requires a minimum initial investment of £12,500 with an obligation to pay a further £37,500 at a later date. Requires a Trading Certificate confirming the above initial investment before the company is permitted to trade. Shares may be offered to the general public for sale (if certain conditions are met). PLCs are subject to more onerous accounting obligations. Including a mandatory annual audit.