1. Business Mediums Flashcards
INO1 Form
- Company Secretary
- Company Registered Address
- Company Email
- Company name
- First Shareholders
- Directors name, DOB and email
- Statement of capital + shares type
Process to change company articles?
Pass SR
File a copy of passed SR + amended articles at Companies House within 15 days of taking effect
Person with significant control?
25% or more of company shares/voting rights
OR
the right to appoint/remove the majority of board of directors
changing accounting reference date process?
- Hold Board Meeting —> Board Resolution
- Notify Companies House within 3 months
- File AA01 Form within 14 days of BR
Restriction for changing accounting reference date?
Cannot extend for more than 18 months
Can only change once every 5 years
Private company to Public Company?
- Pass SR
- meet authorised share capital
- add PLC at the end of company name
- Pay re-registration fee
Authorised share capital of public company?
at least £50,000 (fully subscribed and at least 25% nominal share value)
Changing company name ?
- Pass SR
- NM01 Form within 15 days of SR passed (new company name included)
- fee
- update company records
Register a company filing requirements?
IN01 Form
Articles of association
Memorandum
Fee
Sole Trader elements
- Not separate legal personality
- Unlimited liability
- Pay Income Tax
- Fixed Security
- Sole trader makes decision only
- No accounting/incorporation requirements
Partnership elements
- Not separate legal personality
- Unlimited liable for partnership debts (joint and several)
- Decisions by majority/unanimous vote
- partners own partnership assets
- personal assets at risk
- Fixed charge
- Partnership Agreement implied
- minor accounting requirement (partners name and address)
- pay income/corporation tax on their share of profits
LLP elements
- limited liability (members only liable for shares)
- separate legal personality
- grant fixed and floating charges
- admin fee
- filing requirements
- income tax
- partnership agreement and LLP Act
Solomon v Solomon
Can set up a company to evade debts and liabilities but can pierce corporate veil - cannot set up company if there are already existing liabilities and debts
nominal value of shares mean?
the price you bought the shares at
a limited partner cannot …
- control or manage LP
- make binding decision only behalf of LP
- remove their contribution to business whilst running
