Study Notes Business Finane and accouting

Study Notes Business Finane and accouting -...

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S t u d y   N o t e s :   B u s i n e s s   F i n a n c e   &   A c c o u n t i n g Forming a company Who can form a company? The Companies Act generally allows one or more persons to form a company for any lawful purpose by subscribing to  its memorandum of association. However, a public company or an unlimited company must have at least two  subscribers. What needs to be done? Ready-made companies are available from company formation agents whose names and addresses appear in  directories such as Yellow Pages. These are essentially "shell companies" where all the relevant documentation has  been completed and the company assigned a generic name (e.g. "Newco 123345"). Company formation agents  charge a fee (around £200 per company) for providing this service. Individuals can choose to complete the process  themselves by using company formation documents provided by Companies House. These documents are  summarised below: Memorandum of Association The Memorandum of Association is one of two official documents that describe the company's constitution (the other  being the Articles of Association). The Memorandum of Association sets out the details of a company's existence. It must be signed by the subscribers  and contain the following information:
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