Exam Ready Notes for CORE Module ‘Business Law’!
Workshop 4 Notes of the Business Module on the Legal Practice Course (LPC) at the University of Law.
These notes were used for the June 2023 exams, where I achieved a Distinction!
BLP WS4
Setting up a company
Starting a company from scratch
Registration
Steps in registration
ONE Memorandum of Association
® Must state the subscribers wish to form company and agree to be members taking one share each (s8).
® Must be in form set out in SI 2008/3014.
TWO Application for Registration à Form IN01
s9(1) says it must include:
§ Type of company: 9(2)(c) and (d).
§ Name of company: 9(2)(a) à Note: limitations on what companies can be called (can’t be the same as another,
some restrictions on language). – See below.
§ Address of registered office: 9(2)(b) and (5)(a). – See below.
§ Statement of capital and initial shareholdings: 9(4)(a). – See below.
§ Statement of officers: 9(4)(c). – See below.
§ Statement of initial significant control: 9(4)(d). – See below.
§ Statement of compliance: 9(1). – See below.
§ Copy of articles if required: 9(5)(b).
Statement of Capital
§ States: s10(2)(a) and (b) à
o Total number of shares to be taken by subscribers;
o Total nominal value of shares;
o Rights attaching to shares.
§ Amount of money unpaid on each share: s10(2)(ba).
§ If not paid in full – state unpaid and paid-up amounts.
§ Identifies each subscriber to the memorandum and how many shares they take: s10(4).
§ Each must take at least one share (s8(1)(b)) and company must have minimum of one share and one
shareholder (s7).
§ Ordinary shares = right to vote at SH meetings.
§ Preference shares = may not have right to vote.
Statement of Officers
§ Officers = directors and secretary.
§ Name, home address, service address, country of residence, nationality, business OCC, DOB: s163
o Home address not visible to public: s242(1) and no need to give/may remove if risk of violence (apply:
Form SR04 and £100 fee): s243 and SI 2009/214.
o Must give service address – s12(2)(a) and 163(1)(b) – any address okay, inc registered office.
§ Public company must have two directors: s154(2).
§ Private company must have one director: s154(1).
§ Proposed officers must consent to act by giving statement.
§ If corporate director, must authorise human to act for them s155(1). Info required to be given about corporate
director in s164.
Statement of Compliance
§ Requirement to have one: s9(1) and s13.
§ A signed statement of compliance is sufficient evidence of compliance: s13(2).
People with initial significant control
§ Must indicate whether there is a person with significant control.
§ If there is person with significant control, and this is an individual, include name, country of residence,
nationality, DOB, service address and residential address.
THREE Articles of Association
1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lpcnotes2024. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.89. You're not tied to anything after your purchase.
