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Formation of a Private Limited Company. Objectives. At the end of this lesson, students should be able to…. Complete a Memorandum of association List private limited companies within their locality Talk about Articles of Association and form A1. Robertinos LTD. Wexford transport LTD.

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formation of a private limited company
Formation of a

Private Limited Company

objectives
Objectives
  • At the end of this lesson, students should be able to….
  • Complete a Memorandum of association
  • List private limited companies within their locality
  • Talk about Articles of Association and form A1
slide3

Robertinos LTD.

  • Wexford transport LTD
form a1
Form A1
  • Includes;
  • Company name, address, and sectary
  • Details about directors including their occupations
  • Signature of each director to show that they will run company properly ( Declaration of Compliance
m e morandum of association
Memorandum of Association
  • External Rules of the company
  • Name of the company
  • Objectives : What the co. does
  • Statement of Limited Liability
  • Statement of Authorised Share Capital (Number of shares they can sell)
  • Signatures of directors
  • Sent to Companies Registration Office
art i cles of association
Articles of Association
  • Internal Rules of co.
  • Name of company
  • Rules for meetings
  • Voting rights of shareholders
  • Rules for election of directors
  • Borrowing power of the company
  • Sent to registrar of companies
certificate of incorporation
Certificate of Incorporation
  • Birth Certificate of the company
  • Include company registration number
  • Means that company is a separate legal entity
  • Company can sue and be sued in it’s own name
  • Received from registrar of companies
recording the share capital in the accounts
Recording the Share Capital in the Accounts
  • Debit Bank A/C
  • Credit Share Capital A/C
what is share capital
What is Share Capital?
  • When you need money to start your company you can sell shares to people.
  • A shareholder is willing to invest money in the business to obtain part ownership of the business and also to share profits (dividends)
distinguish between
Authorised Share Capital

Maximum amount of shares you are allowed to issue/sell

Issued Share Capital

Actual amount of shares you have issued/sold

Distinguish between
slide13
AGM
  • Annual General Meeting.
  • By law every company should hold one
  • All shareholders must be invited to attend the meeting.
  • AGM’s give shareholders an opportunity to hear how company is performing
  • At this meeting the directors will decide how much of the profits are paid to be shareholders(Dividened)
recap of key terms
Recap of Key Terms
  • Mem of Assoc.
  • Articles of Assoc.
  • Cert. of Incorporation
  • Shares
  • Dividends
  • Authorised Share Capital
  • Issued Share Capital
co operatives

Co-operatives

Forms of Business Ownership

what is a co operative
What is a co-operative?
  • A co-operative is a business owned and run by its members who have a common bond
  • To become a member a person must buy at least one share
  • Each member has one vote
  • The profit is distributed among the members
  • Members have limited liability
  • Co-ops are managed by a management committee
formation of co ops
Formation of Co-ops
  • Seven people are required
  • Apply to the Registrar of Friendly Societies
  • Certificate of Incorporation is issued
  • The co-op must report annually to the Registrar of Friendly Societies
types of co ops
Types of Co-ops
  • Producer Co-ops – mainly agricultural co-ops. They collect the raw material from the farmers, e.g. milk, process it and sell the finished product, e.g. cheese
types of co ops1
Types of Co-ops
  • Retailer Co-ops – these co-ops buy directly from the manufacturer and sell to members
types of co ops2
Types of Co-ops
  • Worker Co-ops – are set up where businesses close down and the workers decide to pool their money and set up a co-op, e.g. Carrigdhoun Pottery, Greencaps (Dublin Airport)
types of co ops3
Types of Co-ops
  • Financial Co-ops, e.g. credit unions – set up by people sharing a common interest, e.g. live/work in the same area. They encourage saving and provide loans
advantages of co ops
Advantages of Co-ops
  • Members have limited liability
  • One vote per member
  • The members own the co-op, which is a big incentive to do business with the co-op
  • Profits are distributed among the members
disadvantages of co ops
Disadvantages of Co-ops
  • Lack of finance
  • No incentive to buy more shares
  • The management committee may not have the business expertise to run a modern business
summary
Summary
  • What is a co-op?
  • How is a co-op formed?
  • What are the advantages and disadvantages of a co-op as a form of business ownership?
  • Outline the different types of co-ops in existence in Ireland