Private limited company Private limited company A private limited company is a type of business entity in "private" ownership used in many jurisdictions in contrast to "public" ownership, with some differences from country to country. Examples include "LLC" in the US, "private company limited by shares" in the UK, "GmbH" in Germany or "společnost s ručením omezeným" in the Czech Republic. In Albania a limited liability company () is a commercial company founded by persons of physical or judicial status, who are not liable for the company and personally bear losses only up to the outstanding contribution agreements. Partners' contributions constitute the registered
Private limited company s ograničenom odgovornošću" (literal: limited liability company), abbreviated "d.o.o.". A public limited liability company is termed a "dioničko društvo" (literal: joint stock company) abbreviated "d.d.". Czech legislation contemplates LLCs as "společnost s ručením omezeným" ("s.r.o." or "spol. s r.o."). An "s.r.o." is not technically comparable to an LLC because the profits are still subject to double taxation. Czech law does not offer a possibility to start up a limited company without the possibility of avoiding double taxation. As of 2014 the liability is not limited in Czech, since managing director ("jednatel", mandatory board member in Czech LLCs) bears full liability