This paper examines the type of corporation which meets James’s best
interest.
Abstract
This paper examines the type of corporation which meets James’s best
interest. A company can be set up with or without shares available to
the public, divided into the public company which is expensive to
obtain and maintain, and the private company which is appreciated by
most businesses to begin with. Also, there are limited and unlimited
companies. In addition, a company can be classified as limited by
guarantee or limited by capital shares which are in most companies’
favour. These are governed in the main by the Companies Act 1985 and
relevant case law.
Introduction
There are several types of company. The most common company is a
limited company, the liability of the members being limited to the
amount they have previously agreed. According to Denis Keenan (1996),
a corporation is a succession or collection of persons having at law
an existence, rights and duties, separate and distinct from those of
the persons who are from time to time its members.
This paper explains the reasons to form a company, and the reasons why
a private company is more preferable than the public one, together
with the discussion of the company limited by guarantee and unlimited
company. Finally, the cases in Salomon v. Salomon Co. (1897) and
Marcaura v Northern Assurance Co. Ltd help to evaluate the principle
of personal succession which is the unique feature of being a
company. Across the paper, James is given recommendations to the type
of company which best suits his needs.
a) Advantages of Incorporation
Incorporating a company offers James many advantages, even if he is
doing one-person business. Some of these advantages are:
- Separate legal personality. A corporation is by law recognized as a
separate legal person. Since a partner in a general partnership
represents an agent of the business, when a change happens about
partners, it in most times differentiates the partnership. On the
other hand, a corporation is not dependent on the life of
shareholders, directors, and officers, and will not be affected by
changes in, deaths and retirement of its members since it is by law
recognized as a separate ‘person’.
Furthermore, the day-to-day business is running unaffected. As a
separate person, a company can enter into transaction i...
... middle of paper ...
... states that a shareholder is permitted to change the contents of the
article and memorandum by special resolutions. A quick company may be
born and improved to best meet James’s needs. It should be mentioned
that the company is better to be limited by a capital share, as the
limited by guarantee is not very keen on the profit-generating
process.
Bibliographies
Books
Andrew Hicks & S.H.Goo (2001) Cases & Materials on Company Law (4th
ed.). London, Blackstone Press Limited.
Denis Keenan (1996) Smith & Keenan’s Company Law for Students (10th
ed.). London, Pitman Publishing
Geoffrey Morse (1999) Charlesworth &Morse Company Law (16th ed.)
London: Sweet & Maxwell.
Janet Dine (2001) Janet Dine Company Law (4th ed.). Palgrave Law
Masters
Paul L. Davies (2003) Gower and Davies Principles of Modern Company
Law (7th ed.). London: Sweet & Maxwell.
S. Kunalen & Susan Mckenzie (2001). Blackstone’s Law Questions &
Answers- Company Law (2nd ed.). London, Blackstone Press Limited.
Stephen Mayson, Dereck French & Christopher Ryan (2000) Mayson French
& Ryan on Company Law (17th ed.). London: Blackstone Press Limited.
Web materials
www.businesslink.gov.uk
Bratton, W.W. & Wachter, M.L. (2008). Shareholder primacy's corporist origins: Adolf Berle and the modern corporation. Journal of Corporation Law, 34 (1): 99-152.
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