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Business Organisation (Companies (Company Registration Requirements…
Business Organisation
Companies
Own legal entity
Members have limited liability
Limited by shares
Limited by guarantee
Companies Act 2006
Goals
Enhancing shareholder engagement
Help small companies or single person companies operate easily
Flexibility of the act to be redefined
Perpetual succession
Ownership of property
Contractual capacity
Company Registration Requirements
Memorandum of Association
Application for Registration (name, address, etc.)
Rules of internal governance, powers and duties
Compliance with Companies Act 2006
Registration fee
Tax advantages
More credability with consumers
Partnerships
Relationship between persons carrying out a business in a common with a view to profit
Partnership Act 1890
Sets out principles of partnerships for those without a written agreement
Joint and several liability
Partners' Duties - cannot be contracted out
Disclosure
Account
Not enter competition
Partners' Rights - can be contracted out
Share equally in profits and capital
Paid back by firm for liabilities/losses
Inspect partnership accounts
Veto entry of a new partner
LLPs must have a written agreement and requires registration
Sole Trader
Unlimited liability
Sole responsibility
No legal separation
Cooperatives
Combine business and social aims
One vote per member as opposed to one vote per share