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People with Significant Control (PSC) is a business and corporate term used in the United Kingdom to identify key people within a company. The term was introduced on 6 April 2016 as part of the Small Business, Enterprise and Employment Act 2015 . [ 1 ]
Companies House was a member of the Public Data Group, an advisory board which between 2011 and 2015 sought to improve public access to government data. [25] Companies House is also responsible for dissolving companies. [26] In 2020, there were approximately 4.3 million businesses on the Companies House register. [27]
All companies are formed in close to the same way they register with Companies House. The document companies take with registering with Companies house are Memorandum of Association and Articles of Association. The Memorandum of Association sets out the companies name, where it is registered (England, Wales or Scotland), it sets out the ...
The shareholders rights capable of variation include: dividend rights, voting tights and capital rights. Capital rights are the right to receive capital following a sale of the company, liquidation or upon an asset sale. It is common to see different rights for different shareholders and preferences. Companies Act 2006, ss 21(1) and 25
Corporations exist in part to shield the personal assets of shareholders from personal liability for the debts or actions of a corporation. Unlike a general partnership or sole proprietorship in which the owner could be held responsible for all the debts of the company, a corporation traditionally limited the personal liability of the shareholders.
Companies can redenominate their share capital from one currency to another without an order of the court. Distributions in kind – The Act addresses the previous uncertainty in the law in relation to the transfer of non-cash assets by a company to a shareholder, and whether this should be treated as a distribution. [6]