Week 11 - Incorporation Flashcards
1
Q
What is incorporation?
A
The creation/birth of a company
2
Q
What does an unincorporated organisation not have?
A
An unincorporated organisation has no separate legal identity
3
Q
What is the first step of the registration process?
A
Sending certain documents to the Registrar of Companies at Companies House
4
Q
What is the second step of the registration process?
A
The Registrar checks the documents are in order and issues a certificate of incorporation
5
Q
What is the third step of the registration process?
A
Once the certificate is issued, the company exists as a separate legal person
6
Q
What are the consequences of incorporation?
A
- separate legal personality
- members enjoy limited liability
- the company itself may be legally liable
- tax returns, finance and control dictated by legislation
