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Legal Terms - Company
An organization established to carry out transactions or other activity under the association's name. Due to their incorporation, the majority of companies have a separate legal personality from their members. Incorporation can occur through a private act of parliament, a public general act (public corporation), or a royal charter (chartered business). Generally, incorporation occurs through registration under the Companies Act of 2006. When a firm fails, directors and shareholders are typically safeguarded.
A partnership, a local government, or a local authority association are not considered "companies" under the *corporation tax legislation (Taxes Act 1988, s. 832(1),(2)); instead, they are defined as any body corporate or unincorporated association (Frampton (Trustees of the Worthing Rugby Football Club) v. IRC [1987] STC 273; Blackpool Marton Rotary Club v. Marin [1988] STC 823). As corporations, authorized unit trusts are handled accordingly (Taxes Act 1988 § 468).
An organization established to carry out transactions or other activity under the association's name. Due to their incorporation, the majority of companies have a separate legal personality from their members. Incorporation can occur through a private act of parliament, a public general act (public corporation), or a royal charter (chartered business). Generally, incorporation occurs through registration under the Companies Act of 2006. When a firm fails, directors and shareholders are typically safeguarded.
A partnership, a local government, or a local authority association are not considered "companies" under the *corporation tax legislation (Taxes Act 1988, s. 832(1),(2)); instead, they are defined as any body corporate or unincorporated association (Frampton (Trustees of the Worthing Rugby Football Club) v. IRC [1987] STC 273; Blackpool Marton Rotary Club v. Marin [1988] STC 823). As corporations, authorized unit trusts are handled accordingly (Taxes Act 1988 § 468).
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