Company Law
Company Law – An Introduction
Unit Code: DE5H 35
Outcome 1
Melissa Mackenna-500006315
Context
Within this report you will find:
1.1. Introduction
1.2. Terms of Reference
1.3. Sole Traders
1.4. Partnerships
1.5. Corporate Bodies
1.5.1. Private Limited Companies
1.5.2. Public Limited Companies
1.6. Conclusion
1.7. Recommendations
1.8. Appendix
1.1. Introduction
The aim of this report is to:
Describe the differences in legal personalities and responsibilities between different company types.
Formalities and documents required for registering as a company
Types of corporate bodies and their characteristics (public and private companies)
Advise the best course of action
1.2. Terms of reference
The purpose of this report is to advise Karl and Theo in which direction they should expand their business next. Karl and Theo are seeking advice on the different types of companies available and the legal responsibilities involved within the different entities.
As stands currently Theo and Karl are currently trading as partners in a sole tradership, both men like and trust one another and they’re skill sets complement each other. They wish to expand although they are unsure in which direction and what each direction means.
Currently they have not managed to reach an agreement on their own as to how the business should be organised although they agree that they wish to form a company. Both are unsure if they wish to set up a private or public company and both are unaware of the legal requirements of trading as a company. Karl wishes for a prominent leadership role whereas Theo would prefer a role of lessor responsibility, both wish to know the personal liability that the different company types divulge.
In this report I will investigate the personal liability and legal responsibility for each member, advantages and disadvantages of a sole trader, partnership, private limited company and a public limited company.
1.3. Sole trader
Sole
Unit Code: DE5H 35
Outcome 1
Melissa Mackenna-500006315
Context
Within this report you will find:
1.1. Introduction
1.2. Terms of Reference
1.3. Sole Traders
1.4. Partnerships
1.5. Corporate Bodies
1.5.1. Private Limited Companies
1.5.2. Public Limited Companies
1.6. Conclusion
1.7. Recommendations
1.8. Appendix
1.1. Introduction
The aim of this report is to:
Describe the differences in legal personalities and responsibilities between different company types.
Formalities and documents required for registering as a company
Types of corporate bodies and their characteristics (public and private companies)
Advise the best course of action
1.2. Terms of reference
The purpose of this report is to advise Karl and Theo in which direction they should expand their business next. Karl and Theo are seeking advice on the different types of companies available and the legal responsibilities involved within the different entities.
As stands currently Theo and Karl are currently trading as partners in a sole tradership, both men like and trust one another and they’re skill sets complement each other. They wish to expand although they are unsure in which direction and what each direction means.
Currently they have not managed to reach an agreement on their own as to how the business should be organised although they agree that they wish to form a company. Both are unsure if they wish to set up a private or public company and both are unaware of the legal requirements of trading as a company. Karl wishes for a prominent leadership role whereas Theo would prefer a role of lessor responsibility, both wish to know the personal liability that the different company types divulge.
In this report I will investigate the personal liability and legal responsibility for each member, advantages and disadvantages of a sole trader, partnership, private limited company and a public limited company.
1.3. Sole trader
Sole