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Archive for May, 2011

Business Structure 3. Company (Limited Liability)

Nature of structure

  • Separate legal entity from its shareholders
  • Governed by the Companies Act 1993
  • Name to be reserved, need to file doc. of incorporation with the ROC.
  • Must have – a name, at least one shareholder, at least one share, one director, registered address & service address.
  • Perpetual existence until liquidated
  • Limited liability
  • Directors – responsible for compliance
  • New shareholders and sale of shares •Cessation- IRD VS ROC
  • Assessment – must file a tax return
  • Losses carried forward except LTC co.
  • Contributions – capital by way of shares LTC – Personal liable for co. income tax