A limited company is an organisation that you can set up to run your business - it’s responsible in its own right for everything it does and its finances are separate to your personal finances.
Any profit it makes is owned by the company, after it pays Corporation Tax. The company can then share its profits.
Every limited company has ‘members’ - the people or organisations who own shares in the company.
Directors are responsible for running the company. Directors often own shares, but they don’t have to.