Private Limited Companies We will look at: Revision of Private Limited Companies Documents required to set up a Private Limited Company AGM’s.

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Presentation transcript:

Private Limited Companies We will look at: Revision of Private Limited Companies Documents required to set up a Private Limited Company AGM’s

What do we already know?

As we have learned from our last chapter, Private Limited Companies are: 1.Businesses set up by groups of people with a minimum of 1 and a maximum of 50 shareholders 2.The business has LIMITED LIABILITY- What does this mean? 3.The total money invested is called capital 4.Profit on each share is called a dividend 5.The name of a Private Limited Company is followed by the letters ‘Ltd’ 6.Each shareholder has one vote for every share they own

How is a Private Limited Company is Formed? The following legal documents must be prepared and sent to the Registrar of Companies

Document 1 1.Memorandum of Association- The external rules of the company. It contains: 1.The name of the company with the letters Ltd after it 2.The objectives of the company (i.e. what the company was set up to do) 3.The capital of the company, i.e. the authorised share capital 4.That the company has limited liability

Document 2 2. The Articles of Association- The internal rules of the company It contains: 1.The name of the company 2.The share capital of the company 3.The voting rights of shareholders 4.How the directors are to be appointed 5.Powers of directors 6.How meetings are to be called 7.The procedure for closing the company

Document 3 3. Declaration of Compliance- This simply states that the company will obey the law. We, as directors of ABC Ltd agree to comply with the requirements of the Companies Act Signed:Dated:

Document 4 1.Certificate of Incorporation This is like the birth certificate of the company.

Document 5 5. Statement of the Nominal Share Capital The nominal share capital is the maximum amount of capital a company can raise by selling shares.

AGM (Annual General Meeting) A company is then obliged by law to hold a meeting of all shareholders once a year. This is called an AGM or Annual General Meeting. It will detail events such as:  A report on company performance  If required, new directors are appointed Annual accounts are presented