Presentation is loading. Please wait.

Presentation is loading. Please wait.

(c) St Patrick's Cathedral Grammar School Form 6 2005 What is the procedure for forming a private company?

Similar presentations


Presentation on theme: "(c) St Patrick's Cathedral Grammar School Form 6 2005 What is the procedure for forming a private company?"— Presentation transcript:

1 (c) St Patrick's Cathedral Grammar School Form What is the procedure for forming a private company?

2 (c) St Patrick's Cathedral Grammar School Form What is a company? Companies are businesses owned by investors who are called shareholders. These people contribute their money into a common fund called share capital. Companies are businesses owned by investors who are called shareholders. These people contribute their money into a common fund called share capital. The money is then used to finance the business. The money is then used to finance the business. Then the profits are divided among shareholders through dividends Then the profits are divided among shareholders through dividends

3 (c) St Patrick's Cathedral Grammar School Form What is a private company? When a shareholder of a private company plans to sell his shares, he must get the approval of all the other shareholders, as to who the new shareholder will be. A private company can have only one shareholder, provided there are two directors. The maximum number of shareholders that any private company can have is fifty.

4 The Procedure for forming a private company. To form a private limited company you must: To form a private limited company you must: #1. Have at least one shareholder and two directors. #1. Have at least one shareholder and two directors. (A director does not have to be a shareholder) (A director does not have to be a shareholder)

5 (c) St Patrick's Cathedral Grammar School Form The Procedure for forming a private company. To form a private limited company you must: To form a private limited company you must: #2. Prepare a Memorandum of Association. #2. Prepare a Memorandum of Association. This is a document stating, how the company plans to deal with the public, including the name of the company, its purpose, and the no. of shares held by the founder shareholder. This is a document stating, how the company plans to deal with the public, including the name of the company, its purpose, and the no. of shares held by the founder shareholder.

6 (c) St Patrick's Cathedral Grammar School Form The Procedure for forming a private company. To form a private limited company you must: #3. Prepare the Articles of Association. This is a document that explains the internal rules of the company, e.g. the types of shares the company can issue, the ways the meetings are to be arranged and dividend policy etc.

7 The Procedure for forming a private company. To form a private limited company you must: To form a private limited company you must: #4. Complete the Form A1. #4. Complete the Form A1. This form must contain a declaration of compliance with the companies acts, a statement of the amount of the Authorised Share Capital, names of first company secretary and first company directors, plus the address of the companies registered office. This form must contain a declaration of compliance with the companies acts, a statement of the amount of the Authorised Share Capital, names of first company secretary and first company directors, plus the address of the companies registered office.

8 (c) St Patrick's Cathedral Grammar School Form The Procedure for forming a private company. To form a private limited company you must: #5. Register with the Registrar of Companies. In the Companies Office, pay the registration fee, plus the stamp duty (Capital Duty) on the Authorised Share Capital.

9 The Procedure for forming a private company. To form a private limited company you must: #6. The companies office then issue a “Certificate of Incorporation” The certificate is like a birth certificate.

10 The Procedure for forming a private company. Once you have followed all the steps, you now can start your on private company. Once you have followed all the steps, you now can start your on private company.


Download ppt "(c) St Patrick's Cathedral Grammar School Form 6 2005 What is the procedure for forming a private company?"

Similar presentations


Ads by Google