With us, the Company Limited by Guarantee is known as the foundation-style Limited for asset protection, but in fact the legal form works more like a members' association or club. If it is set up correctly, the assets of the foundation-style Limited cannot be seized. Bear in mind, however, that a transfer of assets to the foundation-style Limited may be subject to gift tax where you live. Nor does the foundation-style Limited offer anonymity, as the UK keeps a very public transparency register.
The foundation-style Limited…
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is often used in the UK as the legal form for clubs and associations (for example a sports club or a chess club) and for community groups;
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has no shareholders, only members;
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must have at least one member, who can also be the director;
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can be formed with a contribution of £1;
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is usually NOT a charity (but can be one).
The foundation-style Limited can…
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acquire and hold assets, including shareholdings, property, securities and so on;
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pay fees or other benefits to its members;
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regulate the admission and departure of members and the rights and duties of the board individually and flexibly;
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regulate members' say in decisions simply and pragmatically.
The foundation-style Limited must…
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keep proper accounts;
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prepare annual accounts and file a balance sheet with Companies House;
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file a corporation tax return;
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publish its members in the register;
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keep the transparency register up to date.