Private and Public Companies Flashcards
What types of private companies are there?
1) Limited by shares
2) Limited by guarantee
3) Unlimited company
What are private companies limited by guarantee?
1) No share capital
2) Liability of members limited to amount they agree to contribute
What are unlimited companies?
Liability of members is unlimited
What are public companies?
Those that can offer shares to public
What are listed companies?
A public company listed in London Stock Exchange
What is the main difference between private and public companies?
Private can pass written resolutions, public cannot
For private and public, is annual GM needed?
Only for public
For private and public, what is minimum number of directors?
1 for private, 2 for public
For private and public, is company secretary required?
Only for public
For private and public, what is minimum share capital to be issued?
At least one share for private, minimum of £50,000 for public
For private and public, what certificate is required before commencement of trading?
Private - certificate of incorporation
Public - certificate of incorporation and trading certificate