Incorporating A Business Essay

1576 words - 6 pages

Higher National CertificateBusiness & FinanceModule: Business & Company LawAssignment 21267 wordsC O N T E N T SPage 1 …………………………ContentsPage 2 …………………….......Assignment OutlinePage 3 …………………………Part (a)Page 4 …………………………Part (b)Page 5 …………………………Part (c)Page 7 …………………………BibliographyPage 8 …………………………AppendicesGeorge is a self employed car dealer who has decided to incorporate his business. He has been advised that he can incorporate by registering his own private company limited by shares. In addition, George has been told that if he chooses to incorporate his business, the company will be treated as a separate legal person.(a) List and explain the purpose of the documents that George would have to submit in order for him to register a private company limited by shares.(b) Explain the meaning of the expression 'a company is a separate legal person' and state what practical effect incorporation will have on the conduct of George's business.(c) By reference to case law, legislation and/or your own examples, explain the circumstances in which the courts will ignore the separate legal personality of a company.In order for George to incorporate his business he must observe the registration process set out in the Companies Act 1985. The purpose of the registration process is to prevent fraud, provide a public record of businesses and to ensure a business is financially workable, has a sound chance of success and is reliably managed for legal reasons.In order for George to register his business as a private company limited by shares the following documents must be submitted to the Companies Registry along with the required fee:Memorandum of AssociationThe Memorandum of Association sets out what the company is going to do. It should contain the company name, where the registered office of the company is located and what the objective of the business is. It should also state the type of company for example in George's case it would be private company limited by shares. It must state the liability of the members in George's case it would be limited liability. Details of those forming the company, share capital and the number of shares each will hold must also be included. All of the above should be signed verified by an independent witnessArticles of AssociationThe Articles of Association set out the regulations for the management of the company's internal affairs. Again the company name should be included. The Articles of Association contain details of how directors are to be...

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