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CHAPTER 3 - Coggle Diagram
CHAPTER 3
THE STATUTORY BODY
an agency that incorporates companies and registers businesses, as well as provides public access to company and business information
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LIMITED
BY GUARANTEE
- to become a guarantor, you must guarantee a fixed sum of money to the company
- there are no shares or shareholders
BY SHARES
- shareholders enjoy limited liability
- shareholders receive a share of business profits
- own by ‘shareholders’ and ‘members’
COMPANY
- the liability of each shareholder is limited
PRIVATE
- limits the number of members to not more than 50
- prohibits any invitation to the public to subscribe for any shares
- restrict the right to transfer its shares
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- the minimum number of members in the public company required is 7 and for maximum there is no limit