2.4.1 - Companies - Incorporation Flashcards
(6 cards)
1
Q
What does an unincorporated organisation not have?
A
An unincorporated organisation has no legal identity
2
Q
What is the incorporation of a business?
A
Effectively the birth of the business
3
Q
What does the registration process involve?
A
Involves sending certain documents to the Registrar of Companies at Companies House
4
Q
What does the Registrar do?
A
Checks the documents are in order and issues a certificate of incorporation
5
Q
When does a company exist as a separate legal person?
A
Once the certificate is issued
6
Q
What are the main consequences of incoporation?
A
- separate legal personality
- members enjoy limited liability
- company itself may be legally liable
- complete tax returns, finance, more controlled required documentation
