Differences Between Public And Private Company

Question 1

Public company
What makes them a public company?
What minimum capital must they have?
How can they raise capital?
When can they start trading?
How many directors must they have minimum?
Do they need a secretary?
When must they produce accounts?
Do they have to have an audit?
Do they need to have an AGM?
Can they pass written resolutions?

Answer 1

Registration as a public company 
£50,000
Through advertising to the general public
When they receive their trading certificate 
2
Yes a qualified one 
Within 6 months of year end 
Yes yearly 
They cannot pass written resolution

Question 2

Private company 
What is a private company?
What minimum capital must they have?
How can they raise capital?
When can they start trading?
How many directors must they have minimum?
Do they need a secretary?
When must they produce accounts?
Do they have to have an audit?
Do they need to have an AGM?
Can they pass written resolutions?

Answer 2

Any company that’s not plc 
No minimum capital 
Cannot offer to general public 
When certificate of incorporation received
1
No
Within 9 months of year end 
Not when turnover is under £6.5m
No
Yes