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Mpo Scotia Airways Ass 1 Online

In: People

Submitted By xkerrix
Words 307
Pages 2
A,
3advantages for neil setting up a limited company are 1. Full separate legal personality-owns its assets and liable for debts 2. Perpetual succession so un affected by death/ resignation/change of members/directors 3. Unlimited members so can raise as much capital as requied
B
Differences between plc company and a private limited company
Private can be limted by shares limited by guarantee and unlimited, public can only be limited by shares
The company name private must have ltd and public must have plc
Private companys only need 1 director public must have at least 2
Public can offer shares to public private cant

C
Promoters of company have to
Lodge with Registrar of Companies a) Memorandum of Association b) Articles of Association (or do they?) The company’s internal rule book (Do not have to lodge if company accepts “Table A” articles are to apply) What is name of Regulations which contain the “Table A” articles
c) Form IN01
Form IN01 consists of
Application for Registration –details of registered office and how members liability is limited
Capital statement – number and type of shares
Details of proposed officers – director(s)/company secretary - with their consent to acting
Statement of compliance – complied with relevant statutory provisions
Upon receipt
Registrar issues
Certificate of Incorporation
Private company can now commence trading

E. the concept of corporate veil and how it protects the company

Veil of incorporation provides limited liability and therefore “protection” of members from creditors’ claims
But company has no physical existence
Cannot apply senses to it
So what gives it life?
What provides the veil?
Answer - company law
But veil only there provided members/company abide by law

Company/members/directors must remain within law to have protection afforded by

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