1. Business Mediums

Question 1

INO1 Form

Answer 1

1. Company Secretary
2. Company Registered Address
3. Company Email
4. Company name
5. First Shareholders
6. Directors name, DOB and email
7. Statement of capital + shares type

Question 2

Process to change company articles?

Answer 2

Pass SR

File a copy of passed SR + amended articles at Companies House within 15 days of taking effect

Question 3

Person with significant control?

Answer 3

25% or more of company shares/voting rights

OR

the right to appoint/remove the majority of board of directors

Question 4

changing accounting reference date process?

Answer 4

1. Hold Board Meeting —> Board Resolution
2. Notify Companies House within 3 months
3. File AA01 Form within 14 days of BR

Question 5

Restriction for changing accounting reference date?

Answer 5

Cannot extend for more than 18 months

Can only change once every 5 years

Question 6

Private company to Public Company?

Answer 6

• Pass SR
• meet authorised share capital
• add PLC at the end of company name
• Pay re-registration fee

Question 7

Authorised share capital of public company?

Answer 7

at least £50,000 (fully subscribed and at least 25% nominal share value)

Question 8

Changing company name ?

Answer 8

• Pass SR
• NM01 Form within 15 days of SR passed (new company name included)
• fee
• update company records

Question 9

Register a company filing requirements?

Answer 9

IN01 Form

Articles of association

Memorandum

Fee

Question 10

Sole Trader elements

Answer 10

• Not separate legal personality
• Unlimited liability
• Pay Income Tax
• Fixed Security
• Sole trader makes decision only
• No accounting/incorporation requirements

Question 11

Partnership elements

Answer 11

• Not separate legal personality
• Unlimited liable for partnership debts (joint and several)
• Decisions by majority/unanimous vote
• partners own partnership assets
• personal assets at risk
• Fixed charge
• Partnership Agreement implied
• minor accounting requirement (partners name and address)
• pay income/corporation tax on their share of profits

Question 12

LLP elements

Answer 12

• limited liability (members only liable for shares)
• separate legal personality
• grant fixed and floating charges
• admin fee
• filing requirements :IN01+fee at CH
• income tax
• partnership agreement and LLP Act
• Public inspection of accounts

Question 13

Solomon v Solomon

Answer 13

Can set up a company to evade debts and liabilities but can pierce corporate veil - cannot set up company if there are already existing liabilities and debts

Question 14

nominal value of shares mean?

Answer 14

the price you bought the shares at

Question 15

a limited partner cannot …

Answer 15

• control or manage LP
• make binding decision only behalf of LP
• remove their contribution to business whilst running

Question 16

Company

Answer 16

• Seperate legal personality
• limited liability for unpaid shares/breach of duties by directors
• pay Corporation tax
• Fixed and floating charges
• director (day to day decisions) + shareholders (major decisions)
• Keep accounts public
• filing: INO1+memorandum+articles + fee
• Governed by Companies Act 2006

Question 17

Termination in general partnership?

Answer 17

At will - oral notice is enough

Question 18

When are partnerships automatically termintaed?

Answer 18

Death or bankruptcy

Question 19

LLP terimnation?

Answer 19

Apply to Companies house for voluntary strike off

Question 20

Comapny termination?

Answer 20

voluntary/cumpolsory liquidation