Corporation and Legal Personality Flashcards
What does the veil of incorporation mean?
The company is a separate legal entity
What must an LLP send to the Registar when setting up?
A declaration of compliance
How many designated members must there be in an LLP?
At least 2
Does an LLP pay corp tax?
No
If an LLP goes into liquidation, how many years back can the court order the members to repay their drawings?
2 years
What is the liability of the members of an LLP limited to?
The amount of capital they agreed to contribute
Can a partnership create either floating or fixed charges?
Only fixed charges
What is the minimum value the shares must be in a public limited company?
£50,000
What nominal value of the shares in a public limited company must be paid up?
25%
What must a plc wait for before trading?
Trading certificate from the Registar
How many directors must a plc have?
At least 2
Does a private limited company need a secretary?
No
When must a plc file their accounts?
Within 6 months of the year end
Does a private limited company need to hold an AGM?
No
Which type of company can pass written resolutions?
Private limited companies
With what resolution can a company change their name?
Special resolution
What majority is needed to pass a special resolution?
75%
How long must records regarding resolutions and meetings be kept for a plc?
10 years
Within how many days must a confirmation statement be filed when the last one has expired?
14 days
How long must accounting records be kept for private limited companies?
3 years
How long must accounting records be kept for public limited companies?
6 years
Do the articles of association have to be submitted when creating a new company?
No - there are model ones that can be used
