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

Example of business law and ethics, Frank, a student at Anne Arundel Commun...

Frank, a student at Anne Arundel Community College, is on his way to class one day. He enjoys his class very much and is looking forward to this particular class on tort law, but d

Resolutions - meetings and resolutions, Resolutions: A meeting reaches...

Resolutions: A meeting reaches a decision by passing a resolution.  There are two kinds of resolution, ie. (a) an ordinary resolution which is carried by a simple majority

What are the consensus in the political stream, What are the Consensus in t...

What are the Consensus in the political stream Political events move along at their own pace, and according to their own dynamics and rules. Developments in the political sphe

Alien tort claims act, Alien Tort Claims Act Problem: You work ...

Alien Tort Claims Act Problem: You work at a New York law firm and have been invited by the partner you work for to attend a meeting with Mrs. Esther Kiobel and a dozen

President''s assent, PRESIDENT'S ASSENT: Under section 46(2) of the ...

PRESIDENT'S ASSENT: Under section 46(2) of the Constitution a Bill passed through the National Assembly must be presented to the President for his assent. However the Presid

Give advice on given arrangement, Ben sold clothes at a market stall on wee...

Ben sold clothes at a market stall on weekends for a number of years. Two years ago business was very poor and Ben was forced to cease trading. Ben sold all of his remaining stock

Illustration of business law and ethics, Myra, another student, was very ...

Myra, another student, was very unhappy with her grade on the midterm. The following week, she arrived at the class about 20 minutes early and waited for the instructor t

Contract for work and materials, Contract for Work and Materials In Ro...

Contract for Work and Materials In Robinson v Graves a dispute arose over an agreement below such an artist had promised to make a portrait about 250 guineas. So query had to

Contract law problems, Case Study Cathy's septic tank at her house was ...

Case Study Cathy's septic tank at her house was old and it suddenly stopped  working.  On 9 June 2008 she called Dave, the owner of Septix Pty Ltd (-Septix?), to urgently give

State article 9 of air and outer space law, State Article 9 of air and oute...

State Article 9 of air and outer space law Article 9 states that each contracting State may, for reasons of military necessity or public safety, restrict or prohibit uniformly

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