Weigh the pros and cons of incorporation
A community interest company is a limited company designed for people who want to carry out activities that are intended to benefit the community. Cics are registered as companies under the companies act after the cic regulator has approved the application to form a cic. The regulator also has a continuing monitoring and enforcement role. A company’s articles of association are its internal rulebook, chosen by its members. Every company is required to have articles, which are legally binding on the company and all of its members. The articles help to ensure the company’s business runs as smoothly and efficiently as possible and will set out how decisions are taken by the members and directors as well as various matters connected with the shares.
Your registered agent must be listed on your articles of incorporation or articles of organization. The registered agent is appointed by you to receive important legal and tax documents on behalf of your business and forward them to you. Bizfilings includes this service in all incorporation packages. When a business becomes incorporated, a separate and distinct legal entity is created. company incorporation Hong Kong An incorporated business acts independently of its business owners. According to the entrepreneur website, incorporating a business provides the company with most of the legal rights granted to an individual, with the exception of voting privileges. In most states, your business location can serve as the registered office, and a corporation or anyone aged 18 or over can be the registered agent.
Private company limited by shares – each member invests into the share capital and the liability is limited to that investment. Any debts of the company are not the personal debts of the members.
However, if you don't have an office in the statewhere you incorporateor prefer to have someone else act as an agent for you, you can hire a professional registered agent. The owners of a corporation are known as shareholders, and they own shares of stock in the business. In your articles of incorporation, you'll typically need to specify the number of shares of stock your corporation is authorized to issue. Still, you won't have to list the names of the shareholders. Some states also require you to list the corporation's initial board of directors.
The name of a private company limited by shares or guarantee must end with ‘limited’ or ‘ltd’. However, if the registered office is stated as being situated in wales (a “welsh” company), its name may instead end with ‘cyfyngedig’ or ‘cyf’. If the members own shares in the company, it is common practice in the company’s articles of association that shareholders who sell their flats must also transfer their shares to the new owners. This ensures that, at any given time, the limited company represents the interests of all the current flat owners, and it remains a separate legal entity regardless of who holds its shares.