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A '''private company limited by shares''' is a class of [[private limited company]] incorporated under the laws of [[law of England and Wales|England and Wales]], [[Hong Kong law|Hong Kong]], [[Northern Irish law|Northern Ireland]], [[Scots law|Scotland]], certain [[Commonwealth Lawyers Association|Commonwealth jurisdictions]], and the [[law of the Republic of Ireland|Republic of Ireland]]. It has [[shareholders]] with [[limited liability]] and its shares may not be offered to the general public, unlike those of a [[public limited company]].
"Limited by shares" means that the liability of the shareholders
A limited company may be "private" or "public". A private limited company's disclosure requirements are lighter, but its shares may not be offered to the general public and therefore cannot be traded on a public stock exchange. This is the major difference between a private limited company and a public limited company. Most companies, particularly small companies, are private.
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In the [[United Kingdom]], every company must have formally appointed company officers. By statute, a private company must have at least one director and until April 2008 also had to have a [[Company secretary|secretary]]. The company's [[articles of association]] may require more than one director. At least one director must be an [[Natural person|individual]], not another company.
Anybody can be a director, subject to certain exceptions. A person who is yet to be discharged from [[bankrupt|bankruptcy]]<ref>{{cite web|title=Applying to become bankrupt|work=gov.uk|url=https://www.gov.uk/bankruptcy/restrictions|url-status=live|access-date=2021-12-23 |archive-date=2021-12-23 |archive-url=https://web.archive.org/web/20211223155744/https://www.gov.uk/bankruptcy/restrictions }}</ref> or who has been banned from being a company director by the court will be prohibited, except in certain cases. For example, if the bankrupted person had requested details of share transactions because there was sufficient equity within the business/es that had not been dealt with sufficiently by the court, they are technically not bankrupt and are permitted to start a company. In addition, natural persons must have the legal capacity to consent to their appointment as director of a limited company. As of October 2008, the minimum age required to give this consent is 16 years of age. This change was applied retroactively, with any directors under the age of 16 being removed from the register upon the implementation of the [[Companies Act 2006]]. This was already the case in Scotland, under the [[Age of Legal Capacity (Scotland) Act 1991]].
No formal qualifications are required to be a company director or secretary, but the company must comply with many laws and regulations, regardless of such qualifications or the lack of them.
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Every limited company must file annually a confirmation statement (previously an annual return), as required by section 853A of the Companies Act 2006,<ref>UK Legislation, [https://www.legislation.gov.uk/ukpga/2006/46/section/853A Companies Act 2006, section 853A], accessed 15 May 2023</ref> which confirms that its information held at [[Companies House]] is correct.
To help companies meet this filing requirement, Companies House may send a pre-printed "shuttle" form to each company's registered office several weeks before the anniversary of incorporation. The form shows the information that has already been given to Companies House. Companies House may also send an email reminder on the due date (annual review period date). This statement must be filed no later than 14 days after the due date, and can be filed online using a Companies House service; {{asof|2023|May|lc=y}} the fee for online submission
===Company Tax Return===
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Applications may also be submitted directly to [[Companies House]] and [[HMRC]] online via the [https://www.tax.service.gov.uk/register-your-company/setting-up-new-limited-company GOV.UK website] for £12.<ref>[https://www.gov.uk/limited-company-formation/register-your-company GOV.UK]</ref>
In other jurisdictions, companies must make similar applications to the relevant registrar, such as the [[Companies Registration Office, Ireland]], in the [[Republic of Ireland]], or the [[Registrar of Companies]]<ref>{{cite web |url=http://www.mca.gov.in/MinistryV2/RegisterNewComp.html |title=Ministry of Corporate Affairs – Incorporation |access-date=2015-10-07 |url-status=dead |archive-url=https://web.archive.org/web/20151006020754/http://www.mca.gov.in/MinistryV2/RegisterNewComp.html |archive-date=6 October 2015 }}</ref> in India.
==Additional information==
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==External links==
*[http://www.opsi.gov.uk/ACTS/acts2006/ukpga_20060046_en.pdf Companies Act 2006]
[[Category:Types of business entity]]
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