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Dormant Company
A dormant company is a company that carries out no business activities in the given period of time. United Kingdom In the United Kingdom, a dormant company is a company whose transactions have been limited to payment for shares taken by subscribers to the memorandum of association, fees paid to the Registrar of Companies for a change of company name, the re-registration of a company, filing a confirmation statement and payment made in respect of civil penalties imposed by the Registrar of Companies for delivering accounts to the Registrar after the statutory time allowed for filing. Whilst filing annual accounts is still a requirement for dormant companies, instead of filing a full set of annual accounts, dormant companies can file a basic set of accounts known as a dormant company accounts (DCA). Dormant company accounts do not need to be audited, except for the year during which the company becomes dormant. Under the Companies Act 2006 there are exceptions for certain compan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Company
A company, abbreviated as co., is a Legal personality, legal entity representing an association of legal people, whether Natural person, natural, Juridical person, juridical or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Over time, companies have evolved to have the following features: "separate legal personality, limited liability, transferable shares, investor ownership, and a managerial hierarchy". The company, as an entity, was created by the State (polity), state which granted the privilege of incorporation. Companies take various forms, such as: * voluntary associations, which may include nonprofit organizations * List of legal entity types by country, business entities, whose aim is to generate sales, revenue, and For-profit, profit * financial entities and banks * programs or educational institutions A company can be created as a legal person so that the company itself has limi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business
Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for profit." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liability company. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company (such as a corporation or cooperative). Colloquially, the terms are used interchangeably. Corporations are distinct from Sole proprietorship, sole proprietors and partnerships. Corporations are separate and unique Legal person, legal entities from their shareholde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Memorandum Of Association
The memorandum of association of a company is an important corporate document in certain jurisdictions. It is often simply referred to as the memorandum. In the UK, it has to be filed with the Registrar of Companies during the process of incorporation of a company. It is the document that regulates the company's external affairs, and complements the articles of association which cover the company's internal constitution. It contains the fundamental conditions under which the company is allowed to operate. Until recent it had to include the "object clause" which made the shareholders, creditors and those dealing with the company know what is its permitted range of operation, although this was usually drafted very broadly. It also shows the company's initial capital. It is one of the documents required to incorporate a company (law), company in India, the United Kingdom, Ireland, Canada, Nigeria, Nepal, Bangladesh, Pakistan, Afghanistan, Sri Lanka, and Tanzania and is also used in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Penalty
A civil penalty or civil fine is a financial penalty imposed by a government agency as restitution for wrongdoing. The wrongdoing is typically defined by a codification of legislation, regulations, and decrees. The civil fine is not considered to be a criminal punishment, because it is primarily sought in order to compensate the state for harm done to it, rather than to punish the wrongful conduct. As such, a civil penalty, in itself, will not carry a punishment of imprisonment or other legal penalties. Civil versus criminal penalty If a person were to dump toxic waste in a public park, the state would have the same right to seek to recover the cost of cleaning up the mess as would a private landowner, and to bring the complaint to a court of law, if necessary. Civil penalties occupy a strange place in some legal systems - because they are not criminal penalties, the state need not meet a high burden of proof, such as "beyond a reasonable doubt"; but because the action is brou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Registrar Of Companies
A company register is a register of business organizations such as companies in the jurisdiction they operate under. Registration is normally mandated by the government of that jurisdiction. A company register serves a purpose of protection, accountability and control. In contrast many countries also operate a statistical business register which has a different purpose and plays a central part in a system of official economic statistics at a national statistics office. Company registers by country Each country's company register has different registrar types, contents, purpose, and public availability. They typically contain the name, the owners and key personal of an organisation as well as regular updates as mandated by the government of that jurisdiction, to provide information to stakeholders and the general public. Information has to be maintained by the organization that is registered through regular filings which are typically done when changes occur and at least annu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies House
Companies House is the executive agency of the British Government that maintains the Company register, register of companies, employs the company registrars and is responsible for Incorporation (business), incorporating all forms of Company, companies in the United Kingdom. Prior to 1844, no central company register existed and Company, companies could only be Incorporation (business), incorporated through letters patent and Act of Parliament (UK), legislation. At the time, few incorporated companies existed; between 1801 and 1844, only about 100 companies were incorporated. The Joint Stock Companies Act 1844 created a centralised register of companies, enabled companies to be incorporated by registration, and established the office of the registrar; the Joint Stock Companies Act 1856 mandated separate registrars for each of the three Jurisdictions of the United Kingdom, UK jurisdictions. Initially just a brand, Companies House became an official executive agency in 1988. All P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Audit
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, roll forward prior year working papers, and evaluate the propositions in their auditing report. Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement. The term is most frequently applied to audits of the financial information relating to a legal person. Other commonly audited areas include: secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation. As a result of an audit, stakeholders may evaluate and improve the effectiveness of ris ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Act 2006
The Companies Act 2006 (c. 46) is an act of the Parliament of the United Kingdom which forms the primary source of UK company law. The act was brought into force in stages, with the final provision being commenced on 1 October 2009. It largely superseded the Companies Act 1985. The act provides a comprehensive code of company law for the United Kingdom, and made changes to almost every facet of the law in relation to companies. The key provisions are: * the act codifies certain existing common law principles, such as those relating to directors' duties. * it transposes into UK law the Takeover Directive and the Transparency Directive of the European Union * it introduces various new provisions for private and public companies. * it applies a single company law regime across the United Kingdom, replacing the two separate (if identical) systems for Great Britain and Northern Ireland. * it otherwise amends or restates almost all of the Companies Act 1985 to varying degrees ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting And Corporate Regulatory Authority
The Accounting and Corporate Regulatory Authority (ACRA) is a Statutory boards of the Singapore Government, statutory board under the Ministry of Finance (Singapore), Ministry of Finance of the Government of Singapore. ACRA is the regulator of business registration, financial reporting, public accountants and corporate service providers. ACRA is also responsible for developing the accountancy sector and setting the accounting standards for companies, charities co-operative societies, and societies in Singapore. History ACRA was formed on 1 April 2004 by the Accounting and Corporate Regulatory Act, which resulted in the merger of the then Registry of Companies and Businesses (RCB), and the Public Accountants’ Board (PAB). The merger was to synergise the monitoring of companies’ compliance with disclosure requirements, and the regulation of public accountants performing statutory audit. Refreshed Bizfile portal (2024) On 9 December 2024, ACRA launched a revamped version of it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inland Revenue Authority Of Singapore
The Inland Revenue Authority of Singapore (IRAS) is a statutory board under the Ministry of Finance of the Government of Singapore in charge of tax collection. History Early beginnings The Singapore Income Tax Department was created in 1947 to administer the Income Tax Ordinance enacted during that year. Actual assessing of tax only began in November 1948. In the first Year of Assessment, about 40,000 individual tax returns and 1,000 corporate returns were received. The total tax collected for the period 1 January 1948 to 31 December 1949 was $33.2 million. 1960s Following self-government in 1959, the Inland Revenue Department was formed in 1960 when various revenues administered and collected by a number of separate agencies were brought together. When Singapore attained independence on 9 August 1965, substantial changes were made to the Income Tax Act, which came into effect on 1 January 1966. 1970s By this time, the number of Acts that came under the Department's purvi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Of The United Kingdom
A company, abbreviated as co., is a legal entity representing an association of legal people, whether natural, juridical or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Over time, companies have evolved to have the following features: "separate legal personality, limited liability, transferable shares, investor ownership, and a managerial hierarchy". The company, as an entity, was created by the state which granted the privilege of incorporation. Companies take various forms, such as: * voluntary associations, which may include nonprofit organizations * business entities, whose aim is to generate sales, revenue, and profit * financial entities and banks * programs or educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duties according to the publicly declared incorporation pu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
