There are two types of incorporated companies in GB: private and public. The distinctions between these two types are signified by different endings for the names of the companies. Public companies' names end with "PLC" and the private companies' names end with "Ltd". Also, the fact that a company is denoted as a PLC must be explicitly stated in the memorandum of association. They also need different minimum numbers of members: a PLC requires two and a Ltd needs only one member. A Ltd doen't need an authorizing capital. On the other hand, a PLC needs an authorized capital of 50,000 pounds. Everybody can buy shares of a PLC. A Ltd can't advertise to invite the general public to subscribe. Also, the accounting of these companies are different: a PLC has strict requirements about the format of accounts; for a Ltd simplified accounting is sufficient. The difference is due to the fact that a Ltd is usually small and a PLC has a larger firm size.