Topic 1-Supplementary notes on Corporate Law (FLSB)(updated)

Topic 1-Supplementary notes on Corporate Law...

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Topic 1 Functions of Law in Society and Business —Topic 1— Supplementary notes on Corporate Law Types of Business Organizations 1. Unincorporated organizations 2. Incorporated organizations Unincorporated Incorporated Legal status No of members Partnership: two or more persons with a view to profit. Private: 1-50 Liabilities Unlimited liability except limited partnership Succession Raise of capital Ownership of properties Formalities Basic terminology Separate legal entity 1
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Topic 1 A fixed charge is a charge over ascertained and definite property. After the creation of a fixed charge, the borrowing company is not allowed to sell the security/charged assets. A floating charge is a charge on a class of assets; this class of assets would change from time to time; and after the creation of a floating charge, the company is allowed to sell the security/charged assets. Types of Companies Private Public Public Listed Company Limited by shares
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