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Incorporation, advantage of limited liability and can still enforce its…
Incorporation
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righ to sue and be sued
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Battle v Irish Art Promotion a managing director can't represent company in court as lay litigant as seperate to the company in Gautlier can appear in exceptional circumstances but for the most part still applicable
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raise funds
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floating charge - can continue to use asset and it acts as security - attractive if have stock in hand and raw materials
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auditing requirements
part 3 2014 act
small companies exempt - turnover less then 8.8 million a year - assets less then 4.4 million, less then 50 employees
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Macaura v Northern Assurance Company company owns property in its own right, shareholders no proprietary interest in said property - building destroyed by fire the shareholder had no beneficial interest in it
O'Neill v Ryan any reduction in value of company loss to the company and not the shareholder also Heron
other members - can alot shares to vlaue employees - if more then 25% given away can't unilaterally pass a special resolution and giving away 50% couldn't unilaterally pass an ordinary resolution
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