Business Models Flashcards
Which decisions in a partnership require unanimity?
Changes to the nature of the partnership business. Introducing a new partner. Varying the rights and duties of the partners.
How will partnership profits be shared?
Unless otherwise specified, partners will share equally in profits, chargeable gains, and losses.
What is the liability of members of an LLP?
The members are only liable to the amount they have agreed to pay in their Members’ Agreement.
How many members must an LLP have at all times?
At least two.
What are the minimum numbers of shareholders required for private and public companies?
Both need 1.
What is the minimum of directors for private and public companies?
2 directors for public companies and 1 for private companies.
Do public and private companies require a company secretary?
Public - yes
Private - no
Do public and private companies need to have an AGM?
Public - yes
Private - no
What is the minimum allotted share capital for private companies?
Must have at least one share, though can be one share for 1p.
What is the minimum allotted share capital for public companies?
£50,000.
When can a private company start trading?
Once the certificate of incorporation is issued.
When can a public company start trading?
Once a trading certificate is issued by the Registrar showing that the company’s allotted share capital is not less than the minimum.
When can public and private companies use written resolutions?
Public companies - never.
Private companies - can use them but not to remove a director or auditor.
