Corporate and other vehicles

HideShow resource information
  • Created by: Lucy
  • Created on: 18-07-15 15:48
What formation regulations must sole traders have
None
1 of 43
What formation regulations must partnerships have
need an agreement which may be formal or informal, written or oral
2 of 43
What formation regulations must LLP + Companies have
must register with Registrar of Companies
3 of 43
Whats the legal status for Sole Traders
No separate legal personality
4 of 43
Whats the legal status for Partnerships
No separate legal personality. Partners own the firms property + are liable on the contracts of the firm
5 of 43
Whats the legal status for LLP + Companies
An artificial legal person with unlimited capacity, with perpetual succession, capacity to contract, own property, sue and be sued
6 of 43
Whats the transfer of ownership for Sole Traders
No special formalities
7 of 43
Whats the transfer of ownership for Partnerships + LLP
Can transfer share of firm, (right to profits, assets on winding up etc) but can't transfer right to participate in management
8 of 43
Whats the transfer of ownership for Companies
Freely transferable, subject to pre-emption rights in Company Articles
9 of 43
How many members must be in a Sole Trader
1
10 of 43
How many members must be in a Partnership
Minimum 2
11 of 43
How many members must be in a LLP
Minimum 2, no maximum
12 of 43
How many members must be in a company
Minimum 1, no maximum
13 of 43
Who's in charge of management for Sole Traders
Sole trader is manager
14 of 43
Who's in charge of management for Partnerships + LLP
All partners participate in management unless agreement specifies otehrwise
15 of 43
Who's in charge of management for Company
No right to participate in management unless also a directior
16 of 43
Who is the agent for Sole Trader
Sole trader is his own agent
17 of 43
Who is the agent for Partnerships + LLP
Each partner is an agent + his actions bind the firm
18 of 43
Who is the agent for Company
Members aren't agent of the company unless also director
19 of 43
What's the liability of members for a sole trader
Unlimited Liability
20 of 43
What's the liability of members for a Partnership
Unlimited
21 of 43
What's the liability of members for LLP
Liability limited to capital member agrees to contribute
22 of 43
What's the liability of members for a Company
Liability limited to share capital member agrees to contribute
23 of 43
What are the powers for Sole trader, Partnership and LLP
Carry on any business
24 of 43
What are the powers for Company
restricted to powers set out in objects clause of Memorandum
25 of 43
When is the business terminated for a Sole Trader
When sole trader chooses, or is incapable of continuing
26 of 43
When is the business terminated for a Partnership
Whenever any partner gives notice, or is incapable of continuing. In practice most partnerships provide for firm to continue with departing partner being paid off
27 of 43
When is the business terminated for a LLP
Perpetual succession i.e member leaving does not cause firm to end. firm can be wound up in formal manner
28 of 43
When is the business terminated for a company
Perpetual succession. Firm can only be wound up in formal manner
29 of 43
What's the registration for Limited/Private companys
Name ends limited, Ltd or private limited company
30 of 43
Whats the registration for Plc/Public companys
Name ends plc or public limited company. Memorandum of association must state that company has been registered as public company.
31 of 43
What is the Capital view for Limited/Private companys
No minimum. Can't offer shares to public and can't allow members to offer shares to public but shares can be offered to subsets of the public, e.g. all doctors
32 of 43
What is the capital position for Plc/Public companys
Minimum £50K of which 25%, plus any premium, must be paid up. Can offer shares to the public.
33 of 43
Can limited/private companys be listed on the stock exchange
No
34 of 43
Listing in relation to Plc/public companys
Can obtain listing subject to satisfying stock exchange rules. Not all plcs are listed .e.g. John Lewis plc is owned by a trust for the benefit of its employees
35 of 43
How many members must limited/private + plc/public companys have
minimum 1
36 of 43
How many directors must a ltd/private company have
Minimum 1
37 of 43
How many directors must a plc/public company have
Minimum 2, of whom one can be company secretary if desired.
38 of 43
What is the commencement of business in relation to a ltd/private company
Can trade as soon as incorporated
39 of 43
What is the commencement of business for a plc/public company
needs a s.761 registrar's trading certificate, which requires: minimum capital £50K, minimum paid up 25% + details of preliminary expenses + amounts paid to promoters
40 of 43
What are the consequence of not having a S.761 for plc/public company
Transactions with 3rd party is vaild, directors can be fined, if company fail to meet obligations within 21 days of formal dmeand being made, directors held personally liable, grounds for winding up if no s761 certificate. issues within 12 months
41 of 43
Within how many months of year end must ltd/private companys file the accounts and publicity
within 9 months of year end
42 of 43
Within how many months of year end must plc/public companys file the accounts and publicity
within 6 months of year-end
43 of 43

Other cards in this set

Card 2

Front

need an agreement which may be formal or informal, written or oral

Back

What formation regulations must partnerships have

Card 3

Front

must register with Registrar of Companies

Back

Preview of the back of card 3

Card 4

Front

No separate legal personality

Back

Preview of the back of card 4

Card 5

Front

No separate legal personality. Partners own the firms property + are liable on the contracts of the firm

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Accounting resources:

See all Accounting resources »See all ACCA F4 resources »