Module 16 Flashcards
general partnership
minimum of 2 people
face unlimited personal liability
limited partnership
at least 1 partner must have unlimited liability
provides capital but does not take active role in running the business
limited liability partnership
accounts have to be published
partners taxed as if profits have been distributed
limited liability
companies registered under CA 2006
only one member needed
company is fully liable not partners
strict registration and ongoing compliance requirements
articles of association
online registration fee of £12
company registers
register of members
register of directors
register of charges
register of people with significant control
confirmation statement
every company delivers this at least every 12 months to companies house
annual general meeting
minimum notice period of 21 days - public
private companies not required- 14 days notice if they do hold one
public companies must hold one within 6 months of the year end
can be extended if all members agree
general meeting
minimum 14 days notice
private - 50% voting rights agree to extend
public - 95% voting rights agree to extend
ordinary resolution
simple majority vote
14 days notice
special notice - remove an auditor or director
special resolution
75% majority vote
notice period depends on type of meeting
change name or alter articles
alternate director
acts in place of another
shadow director
acts behind the scenes
de facto director
not properly appointed but openly acts as a director
