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Company Law Basics
A company is a separate legal entity, over and above its members. It allows people to trade without accepting personal (financial) responsibility for their actions. It is made possible by statute, and so exists, in all its forms, and in every way, only as defined by company law.
The word 'Ltd' (short for 'limited liability') is a warning. 'Plc' means public limited company'. It shouts out that, if the company gets something wrong, and you want your money back, you can get what the company has, but no more. You cannot go beyond the company's assets, and feast on those of the directors. You are dealing with an entity which has, precisely, limited liability. It should be noted however that, as time has gone on, the possibilities of making directors personally responsible for some company defaults have grown.
A company has two main documents containing the rules which govern it.
Much information about the affairs of a company must be made available. Some is available from Companies House, and some from the Company's registered office. Some information is open to everybody, and some to members only.
Company law is presently under review. It is not at all clear now what this review will lead to. A minimum should be
|Important: Please note that our law-bytes are retained for archival purposes only. The law changes, and these notes are often, now, out of date. You must take direct advice on your own personal situation and the law as it currently stands.|
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