Types of Incorporated Business

The main advantage is the separate legal personality, limiting the liability of shareholders to the amount paid for shares.

A public company can raise money by offering shares to the public and applying to stock markets like the London Stock Exchange.

The main disadvantage is being subject to more regulation when selling shares to the public.

<p>The main advantage is that partners are taxed as if it were a partnership rather than a company.</p> Signup and view all the answers

<p>A constitution must state that it is a public company, and the company must invest a specified minimum amount and ensure each share is paid up to at least a quarter of its nominal value.</p> Signup and view all the answers

<p>Decisions can be made by directors or shareholders on behalf of the company.</p> Signup and view all the answers

<p>The case established that as long as a company is legally incorporated, it must be treated as an independent person with rights and liabilities.</p> Signup and view all the answers

<p>Private companies must register certain documents with the Registrar of Companies and comply with the requirements of the Companies Act 2006.</p> Signup and view all the answers

<p>The main difference is that a limited liability partnership combines the characteristics of a partnership and a company, while a private company limited by shares has a separate legal personality.</p> Signup and view all the answers

<p>LLPs are not as widely used outside the UK because they are less familiar compared to companies, giving companies a higher status.</p> Signup and view all the answers