Assessment MCQ Corrections Flashcards
Contains information I got wrong/missed on MCQ's
What type of resolution is required for a long-term service contract?
Ordinary
What is the fastest way to grant a long-term service contract?
Written resolution because you can’t shorten the in person version because a memorandum needs to be available for inspection not less than 15 days ending with the date of the meeting
What type of resolution is required to approve a loan to a director?
Ordinary
What must be made available for inspection before approving a loan to a director?
A memorandum setting out the nature, amount and purpose of the loan
What type of resolution is required to remove a director?
Ordinary
Can an incorporated company be considered a quasi-partnership regarding dismissal of a director and minority shareholder for an unfair prejudice claim?
Yes
What is a s 303 request?
A request the shareholders give to the directors to force them to call a GM
What is the deadline to call a general meeting after the shareholders serve a s303 notice?
21 days
What type of resolution is required to give directors authority to allot new shares?
Ordinary
What type of resolution is required to disapply pre-emption rights?
Special
What type of resolution is required to amend the articles?
Special
Is there a limit on authorised share capital for a company incorporated under CA 2006?
No
When do you not need to disapply pre
If you’re happy for them to apply
If there are already special provisions in the articles
What is the deadline for a company to pay its tax liability to HMRC?
9mo and 1 day
What capital allowance deductions are allowed to be deducted from income for corporation tax?
Plant and machinery 18% deduction on value each year
Plant and machinery 100% on new/refurbished up to 1million for any qualifying purchase each year
There are other deductions available like renovations etc, but they are ‘beyond the scope of materials’ and not considered in the MCQs