Companies Flashcards
1
Q
What are the different types of companies?
A
Companies can be private or public and limited by shares or guarantee.
2
Q
How is a company formed?
A
By registering certain documents with the Registrar of COmpanies in accordance with the Companies Act 2006.
3
Q
What is an advantage of a company?
A
It has a separate legal personality. Person who oewns and runs the company are separate from the company itself.
Individuals who own the shares in the company will not usually be liable for its debts - limited to the amount they paid or agreed to pay for their shares. Directors personal assets are safe from creditors.
4
Q
A
