Registered companies, Business Law and Ethics

Assignment Help:

Registered Companies:

A registered company is formed by registration under the Companies Act. It is this type of company that people usually have in mind when they talk of "a company". The notes that follow are concerned exclusively with "registered companies". It should be noted that s.2 of the Companies Act defines a company as "a company formed and registered under this Act."

Classification of registered companies Registered companies are classified by s.4(1) of the Companies Act into:

                   (a) A company formed by "any seven or more persons". Like a company is    known in common parlance as a public company.

                   (b) A company formed by "any two or more persons". Like a company is referred to in the Act as "a private company".

A private company or a public company are like:

(i) Limited by shares if the liability of its members is limited by its memorandum to the   amount, if any, unpaid on the shares respectively held by them.

(ii) Limited by guarantee  whether the liability of its members is limited by its memorandum to an amount which the members have undertaken to contribute to the assets of the company in the event of its being wound up.

(iii)    Unlimited whether it does not have any limit on the liability of its members.


Related Discussions:- Registered companies

Prepare tax memo , Patriot, Inc (a C corporation) filed for Chapter 11 bank...

Patriot, Inc (a C corporation) filed for Chapter 11 bankruptcy protection during August, 2011 and has worked out a re-organization plan that was accepted by the Bankruptcy Court an

Wishes of members of parliament -disadvantages law, Wishes of members of pa...

Wishes of members of parliament -Disadvantages law: However acts of Parliament do not reflect the wishes of the people as voters although the wishes of the individuals that wh

Political and education function of chief justice, Political and Education ...

Political and Education function of Chief Justice Political Function Moreover the chief justice administers the presidential oath for the person who is elected like pre

Voluntary liquidation - shares of the minority , Voluntary liquidation - sh...

Voluntary liquidation - shares of the minority: A company in (or about to go into) members' voluntary liquidation may by special resolution authorize the liquidator to sell th

Service of notice - meetings and resolutions, Service of Notice: Secti...

Service of Notice: Section 134 (a) provides that, unless the articles of the company make other provision in that behalf, notice of the meeting of a company shall be served on

What are the international policies - policy process, What are the intern...

What are the international policies  -  Policy process In international policy, (politics) each state is part of a system and each is the guardian of its own security and indep

Commercial law, Commercial Law Alice is an 80 year old, illiterate, an...

Commercial Law Alice is an 80 year old, illiterate, and suffering from Alzheimer’s disease (a disease affecting short-term memory). Will is a social worker employed by the loc

What is the meaning of ethics in the corporate environment, QUESTION 1 ...

QUESTION 1 (a) Why is it that businesses are increasingly exposed to scrutiny and criticisms? (b) Discuss four strategies which can be adopted to respond to these criticisms

Discuss about the three streams, Discuss about the three streams There...

Discuss about the three streams There come times, however, when these three streams are joined. An event in the political stream, such as a change in administration, calls for

Define the liability, The MV unfortunate was talking passengers to Lyme Cay...

The MV unfortunate was talking passengers to Lyme Cay when it receive a distress signal from a vessel nearby the master started to proceed towards the vessel but stop when he reali

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd