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1、ReportofCompanyLawI.IntroductionBean&Coisanaccountancyfirm.ItsmanagerMr.CharlesProspectwillgiveapresentationontheservicesthatcanoffertothenewclientwhohasapproachedthefirmwithaninterestingrequestforhelptosetupanewdistributioncompany.Theaimsofthisreportaretogivetheexplanationoftheseparatelegalpersonal
2、ityofacompany,introducethevariousformsofcorporatebodyandwhattheproceduresfortheformationofacompany.ILFindingsTheCompanyisabusinessorganization.Ithastheseparatepersonality.Companycanownitsright,assets,andassuchexistsseparatelyfromitsshareholders.What,smore,acompanyhaslimitedliability,whichmeanscanbes
3、uedortosue.Otherwise,acompanyhasitownboardofmanagement,separatefromitsowner.Weightily,changingthecompanysownerwon,taffectthecompanyrunningwhichknownastperpetualsuccession”.ThemaintypeofcompanyisPrivateLimitedCompaniesandPublicLimitedCompanies:PrivateLimitedcompaniesmusthaveanauthorizedsharecapitalbu
4、tnominimumamountisprescribed,butmembersofthepubliccannotbuyashareofthesecompanies.TherewillbeonlyonememberandtheDirector(manager)andtheSecretary(legaladministrator)canbethesameperson.CompanieshaveadutytowarnthepublicthattheyhavelimitedliabilityanddosobyensuringthattheydescribethemselvesasuIimitedlia
5、bility,UndertheCompanies(SingleMemberPrivateLimitedCompanies)Regulation1992,thesinglemembercompaniescanbesetup.(SQA,2004)Thepubliccompanyasacompanylimitedbysharesorguaranteehavingasharecapital.Sharesofthesecompaniesareofferedtothegeneralpublic.CompaniesmusthavemorethanonememberandatleasttwoDirectors
6、,andthecompanysecretarymustbesuitablyqualified.ApubliclimitedcompanyhasPLCafteritsname.Theymusthavesoldatleast50,000ofsharesbeforetheycanstarttradingandacompletesetofaccountsmustberegisteredwiththegovernmenteachyear.AmarketplacehasexistedinLondonsince1698.Wikipedia(3June2012at20：10).Publiclimitedcom
7、pany.ONLINEAvailableat:http:/en.wikipedia.org/wiki/Public_limited_company.LastAccessed9June2012at07:10Separatelegalpersonalityisimportantinformationofcompany.Thelegaldoctrineofincorporationmeansthatacompanyisalegalperson.Acompanyissaidtohaveaseparatelegalpersonalityfromitsowners.Thisislikeaveilbeing
8、betweenthosedealingwiththecompanyanditsmembers.Thecompanyislikeapersoninitsownrightandassuchexistsseparatelyfromitsshareholders.Whenconsideringthelaw,contractsareenteredintoandthedebtsareowedbythecompany.InthecaseofSalomonvSalomon&CoLtd.(1897),Mr.Salomonsetupacompanywithsixofhisfamilymembers,whichhe
9、wasthemajorshareholder.Thenhesoldhissharestothecompanyfor10,000.Whenthecompanywentbankrupt,thedebtorscouldnotclaimthemoneyfromMr.Salomonashewasdeemedentirelyseparatefromthecompany.(SQA,2004)Theexistenceofacompanyasaseparatelegalbeingmeansthatsomeadvantagesexist.Theadvantagesare:changesintheownership
10、ofthecompanydonotaffecttherunning,thisisknownasperpetualsuccession,;thecompanycanownassetsandpropertyinitsownright;thecompanyhaslimitedliability;thecompanyhastheabilitytosueandbesued;thecompanyhasitsownBoardofManagement,separatefromownership.Sometimes,thecourtsfinditnecessarytoremovetheveilofincorpo
11、ration,ifitisinthepublicinterest.Situationincludes:FraudulentTrading;TradingwiththeenemyandShamCompany.Therearemanymiscellaneoussituationswheretheveilhasbeenlifted.Itisstatedthattherearejudicialandstatutorysituations.Themiscellaneoussituationsinwhichtheveilhasbeenliftedsimplyacttomakeitevenmorediffi
12、culttoclassifythesecases.Someexamplesofmiscellaneoussituationswouldbe:todetermineacompany,snationalitybereferencetothenationalityofitsmembers;todetermineifadecisionwasoneofallthemembersofacompany(thedecisionwasnotmadeatacompanymeeting);tocircumventtheprincipleofseparateidentity;tosavecosts.Inorderto
13、becomeacompany,theDirectorsmustprovidecertaininformationtoagovernmentagencycalledCompaniesHouse.TherearethreedifferentbuildingscoveringtheUK.Dependentuponthecompanysregisteredaddress(thebaseforthecompany)itisnecessarytocontactCardiff(Wales),Edinburgh(Scotland)orLondon.Anumberofdocumentsrequiretobefi
14、ledwiththeRegistrar(theofficialatCompaniesHouse)andtheprocessisquitelengthy.Thecompleteroutforcompanyregistrationisasfollows:CreateandfiletheMemorandumofAssociation;CreateandfiletheArticlesofAssociation;CompleteForm10;CompleteFonn12andIncludetheRegistrationFee.TheMemorandumofAssociationislodgedwitht
15、heRegistrarofCompanies.Itdetailstherelationshipbetweenthecompanyandtheworldoutsideit.Thisdocumentprovides:thenameofthecompany;theregisteredofficeaddress;theobjectsofthecompany;astatementoflimitedliabilityandsub-clausestatingthatcompanyisapubliccompany(publiccompaniesonly).TheArticlesofAssociationisd
16、escribedastheinternalconstitutionofthecompany.Anyarticleswhicharecontrarytopublicpolicyareillegalandmakesthemvoid.Anyconflictbetweentheprovisionsofthearticlesandthememorandumwillberesolvedinfavorofthememorandum.TheArticlescoverthreemainareasandsetouttherulesforthecompany:thecompanysshares;companymee
17、tingsanddirectorsandtheirpowers.TheArticlesandMemorandumformtheCompany,sConstitution.ThelegaleffectoftheConstitutionistoformacontractbetweenthecompanyanditsmembersIII. ConclusionThereportshowsthattheexplanationoftheseparatelegalpersonalityofacompany,introducethevariousformsofcorporatebodyandwhatthep
18、roceduresfortheformationofacompany,whichishelpfulforthepeoplewhowanttosetupanewcompany.IV. ReferenceBooks1. Routledge-Cavendish,(2012).TheCompaniesAct2006:InOperation:ACommentaryontheNewLegalRegime.1sted.England:Routledge-Cavendish.2. LSSealyandRJAHooley,(2004).CasesandMaterialsinCompanyLaw.5thed.Gr
19、eatClarendonStOxford,0X26DP,UnitedKingdom:OxfordUniversityPress3. ScottishQualificationsAuthority,(2006).CompanyLaw:AnIntroduction.2nded.HongRuBuildingB,No.5Chegongzhuangdajieyi,XiChengDistrict,Beijing,China:ChinaModernEconomicPublishingHouse.4. CasesandMaterialsinCompanyLaw(2004).5thed.GreatClarendonStOxford,OX26DP,UnitedKingdom:OxfordUniversityPress.Websites1.Wikipedia(3June2012at20：10).Publiclimitedcompany.(ONLINEAvailableat:http:/en.wikipedia.org/wiki/Public_limited_company.LastAccessed9June2012at07:10companylawOutcomel江一帆Jiangyifan115108328
