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Companies - Coggle Diagram
Companies
Quoted, listed and traded companies
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Companies that offer their shares on a stock market are often referred to as listed or quoted companies
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A quoted company is a company whose share capital has been included on the Official List or is official listed in an EEA state or is admitted to dealing on the NYSE or NASDAQ
Traded companies are companies whose shares carry rights to vote at GMs and which are admitted to trading on a regulated market in an EEA state
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Company size
Micro entity
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Balance sheet total: £316,00
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In the company's first year, it will only need to satisfy at least 2 out of 3 criteria
In subsequent years, a company will continue to be classified as that size unless it fails to satisfy at least 2 criteria in 2 consecutive financial years
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Re-Registration
A private company can re-register as a public company by passing a special resolution, delivering documents to Companies House (Form RR01) and copying with certain conditions (eg min share capital)
A public company can re-register as a private limited company by passing a special resolution and delivering specified documents to Companies House (Form RR02)
A private limited company can re-register as unlimited if all the members of the company assent to the re-registration and if specified documents are delivered to Companies House (Form RR05)
An unlimited company can re-register as a limited company by passing a special resolution and delivering specified documents to Companies House (Form RR06)
A public company can re-register as an unlimited private company with a share capital if all the members assent to the re-registration and if specified documents are delivered to Companies House (Form RR07)
Unlimited companies
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Unlimited liability differs from the unlimited liability of sole proprietors or partners as sole proprietors and partners can be sued directly for any monies owed or lability
Creditors cannot usually sue the members as the company has a corporate personality - it is the company itself that they must sue
If the company cannot pay its creditors, a creditor will likely petition the court to have the company wound up. It is at this point that the members will become liable as the liquidator can require the members to contribute to the company's assets
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