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Private company limited by
shares Members' liability is
limited to the amount unpaid on shares they hold.
These include those community interest companies (CICs)
which are private companies limited by shares. |
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Company limited with bearer
shares
If authorised by its articles, a company may convert any fully paid shares to `share warrants`. These warrants are easily transferable without any need for a transfer document; that is, they can simply be passed from hand to hand. |
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Private
company limited by guarantee
Members' liability is limited to the amount they
have agreed to contribute to the company's assets if
it is wound up. These include
all the RTM (Right to Manage) companies-, common hold
associations and those community interest companies
which are companies limited by guarantee. |
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Private
unlimited company
There is no limit to the members'
liability. |
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Public
limited company (PLC)
The company's shares may be
offered for sale to the general public and members'
liability is limited to the amount unpaid on shares
held by them. This also includes community interest
public limited companies. (that is, CICs which are
PLCs). |
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Flat
management company
In law, a limited company is a 'person' in its own
right. This means it can own property (such as a
freehold or leasehold) and enter into contracts in
its own name. It exists independently and separately
from the people involved. |
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Oversea
companies
An oversea company needs to be registered if it
habitually conducts business from a particular
location in Great Britain even if there is no
physical sign of the company's connection with it
and the Companies Act 1985 requires every oversea
company which establishes some type of place of
business in Great Britain to deliver certain
documents to Companies House. |
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Community Interest Company (CIC)
Introduced on 1 July 2005. The CIC is a new
legal form dedicated to social enterprises,
businesses that trade for a social purpose and not
solely for private profit. A CIC has the same form
as a normal limited company, with its liabilities
limited by shares or guarantee. |
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Limited Liability Partnership
(LLP)
It is an alternative corporate business
vehicle that gives the benefits of limited liability
but allows its members the flexibility of organising
their internal structure as a traditional
partnership. The LLP is a separate legal entity and,
while the LLP itself will be liable for the full
extent of its assets, the liability of the members
will be limited. |
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Limited Partnership
An individual or a legal body such as a
company may be a partner in a limited partnership,
either as a general or as a limited partner. Until
your partnership is registered, it will be regarded
as a general partnership with both the general and
limited partners equally responsible for any debts
and obligations incurred. |
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