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Directors appointed to the board form the central authority in UK companies. In carrying out their functions, directors (whether formally appointed, de facto, or "shadow directors" [1]) owe a series of duties to the company. [2]
Directors must be appointed - one in a private company and at least two in a public company - and a public company must have a secretary, but there needs to be no more than a single member. [23] The company will be refused registration if it is set up for an unlawful purpose, and a name must be chosen that is not inappropriate or already in use ...
directors owe duties to the corporation, [1] and not to individual shareholders, [2] employees or creditors outside exceptional circumstances; directors' core duty is to remain loyal to the company, and avoid conflicts of interest; directors are expected to display a high standard of care, skill or diligence; directors are expected to act in ...
First, UK company law determines the constitution, governance and finance of major corporations. Much of the Companies Act 2006 concerns the duties of company directors, and the rights of members, who are usually registered as
Long title: An Act to reform company law and restate the greater part of the enactments relating to companies; to make other provision relating to companies and other forms of business organisation; to make provision about directors’ disqualification, business names, auditors and actuaries; to amend Part 9 of the Enterprise Act 2002; and for connected purposes
A Controlled Foreign Company ("CFC") is a company controlled by a UK resident that is not itself UK resident and is subject to a lower rate of tax in the territory in which it is resident. [216] Under certain circumstances, UK resident companies that control a CFC pay corporation tax on what the UK tax profits of that CFC would have been.
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