Private and Public Companies Flashcards

1
Q

What types of private companies are there?

A

1) Limited by shares
2) Limited by guarantee
3) Unlimited company

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2
Q

What are private companies limited by guarantee?

A

1) No share capital
2) Liability of members limited to amount they agree to contribute

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3
Q

What are unlimited companies?

A

Liability of members is unlimited

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4
Q

What are public companies?

A

Those that can offer shares to public

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5
Q

What are listed companies?

A

A public company listed in London Stock Exchange

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6
Q

What is the main difference between private and public companies?

A

Private can pass written resolutions, public cannot

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7
Q

For private and public, is annual GM needed?

A

Only for public

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8
Q

For private and public, what is minimum number of directors?

A

1 for private, 2 for public

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9
Q

For private and public, is company secretary required?

A

Only for public

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10
Q

For private and public, what is minimum share capital to be issued?

A

At least one share for private, minimum of £50,000 for public

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11
Q

For private and public, what certificate is required before commencement of trading?

A

Private - certificate of incorporation
Public - certificate of incorporation and trading certificate

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