Chapter 25&26

Question 1

Unincorporated/Bodies sole

Answer 1

sole traders and partnerships.

Question 2

Incorporated/Bodies corporate

Answer 2

Formed by either:
(1) Royal Charter (e.g. ICAEW);
(2) Specific Act of Parliament (e.g. the BBC);
(3) General Act of Parliament (e.g. Companies Act 2006 – most companies).

Question 3

Certificate of Incorporation

Answer 3

issued on incorporation (like a birth certificate)

Question 4

Trading certificate

Answer 4

Issued by the Registrar when the
company meets certain regulations in respect of its capital structure – required before trading can commence.

Question 5

Preliminary/promotion/formation expenses

Answer 5

costs of forming a company