Classification of Company Status - 1627 Words

Classification of company according to its public status Private company Private company means any company incorporated as a private company by virtue of section 15. S15 state that if a company having a share capital may be incorporated as a private company if its memorandum or articles contain the following:- (a) There must be restrictions on the right of members to transfer their share. (b) The members must not be more than fifty (50) not including: - Person who are in the employment of the company; AND - Person who, having been formerly in the employment of the company, were members of the company while in that employment and have continued to be members after the employment ceased (c) Prohibits invite the public to subscribe for any shares in, or debentures of the company. (d) Prohibits any invitation to the public to deposit money with the company for fixed periods or payable at call, whether bearing or not bearing interest. Where, upon the commencement of this Act, neither the memorandum nor articles of a company that is a private company by virtue of paragraph (a) of the definition of ‘private company’ in subsection 4(1) contain the restrictions, limitations and prohibitions required by subsection (1) to be included in the memorandum or articles of a company that may be incorporated as a private company, the articles of the company shall be deemed to include each such restriction, limitation or prohibition that is not so included and a restriction on the right toShow MoreRelatedHow to Write Good Essey1042 Words   |  5 PagesS1 Prerequisite: Paragraph Writing Status: Compulsory Credits/Hours: 4/4 hrs/week Class: Class of 2009 Offering: D @ E Schedule: Tue. 7-8 @ 9-10; Thurs. 7-8 @ 9-10 Room: D8.102 Instructor: Gunadi H. Sulistyo (0817532747) Code: 862210/2217 Objective The main objective of this course is to develop the students’ ability to write various types of essay, comprising example, comparison and contrast, cause and effect relation, classification, and process analysis for descriptive andRead MorePrivate Military Security Contractors1201 Words   |  5 Pagesin 1977 with the Geneva Convention Protocol 1, which denied mercenaries prisoner-of-war status. Later, in 1989, the International Convention Against the Recruitment, Use, Financing, and Training of Mercenaries creates further legal consequences and liabilities for both mercenaries associated actors. Assuming that PMSCs can be classified as mercenaries, this would severely limit state usage of these companies. However, the convention creates the definition for â€Å"mercenary† rather narrowly, creatingRead MoreThe Lease Of A Lease965 Words   |  4 Pagesfinancial status of the company, especially for businesses heavily involved in leasing transactions such as real estate , trucks, manufacturing equipment, and constructions. However, the Proposed Standards require a comprehensive disclosure of assets and liabilities for both Type A and Type B leases. Investors in turn could obtain higher quality financial statements which better indicate leverage, operating assets, and risks of companies. Disadvantages First, the proposed classification provisionRead MoreEmployment Categories: Classifying Workers Essay examples1003 Words   |  5 PagesIntroduction Employment categories exist to classify workers in a variety of fields and disciplines. The incorrect classifications of workers have legal as well as financial repercussions to a company should a grievance be filed with the Equal Employment Opportunity Commission. Employee Establishing employment types are essential in determining the legal compliance and responsibilities that an employer must comply with based on federal law. The first type of employment category is establishingRead MoreCase 1-1 Ribbons and Bows Inc1702 Words   |  7 Pagesinformation such that they provide shareholders with a picture of how well the company is doing. These enable them to evaluate a stock’s worth and aid them in making stock-related decisions such as buying/selling/retaining which provide them further on the status of their return on investment. Additionally, they reflect how the shareholders’ money are invested, its outcome and effect to the company. b. Management of the company Financial Statements are useful to a company’s management in a numberRead MoreEssay on XBRL Extensible Business Reporting Language1136 Words   |  5 PagesLanguage, is simple. Instead of treating financial information as a block of text - as in a standard internet page or a printed document - it provides an identifying tag for each individual item of data. This is computer readable. For example, company net profit has its own unique tag. The introduction of XBRL tags enables automated processing of business information by computer software, cutting out laborious and costly processes of manual re-entry and comparison. Computers can treat XBRL dataRead MoreLimitations Of The Old Classification Regulations1454 Words   |  6 Pagespartnerships. The elimination of the limited liability distinction between corporations and partnerships came the need for a new entity classification system. However, the basis of the old classification regulations was formed by the economic di fferences between corporations and partnerships, limited liability. As those distinctions began to disappear, the classification tests of the old regulations became insignificant. Essentially, the old regulations only applied to those taxpayers that could affordRead MoreThe Differences Between An Employee ( Agent ) And The Independent Contractor?1727 Words   |  7 Pagesdisputes, courts must be able to properly identify if the status of employment. Not all employers follow the legal guidelines of employment status, this may cause confusion on both ends and may also result in legal liability (Clarkson, 2015, p.625). Whether an employee is considered as an independent contractor or an agent will significantly determine the outcome of an employment lawsuit. A number of factors are used by courts to evaluate the status of employment. For instance, the degree of control andRead MoreHistorical Background Of The United States1616 Words   |  7 Pagesfor defined benefit pension costs , , accounting for defined benefit pensions was not uniform as companies were able to set their own methodologies for much of this time. In 1948, the defined benefit plan was first instituted in the United States, which was a promise to provide retirement benefit to veterans that served the revolutionary war by the government, thus it became popular with other companies to attract employees. The CAP issued ARB No. 36 â€Å"Pension Plans - Accounting for Annuity Costs BasedRead MoreWorker Classification : Interns, Employees, And Independent Contractors Essay1406 Words   |  6 PagesWorker Classification: Interns, Employees, and Independent Contractors An important part of complying with labor regulations is accurately identifying the relationship that exists between the company and its workers. In addition to broad federal laws that apply to most companies, businesses are subject to state laws, and sometimes additional laws specific to an industry at either the federal or state level. Classification of employees determines benefits, but also how company resources must be distributed