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3 Cards in this Set
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Limited Companies |
Main features of limited company: - artificial person created by law - separate life from owner - perpetual existence - responsibility for own debts/losses but LL - offer shares for sale if public - private cannot - governed by board of directors - elected - Corporate governance = Combined Code |
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Financing Limited Company - Ordinary Shares (equities) = main risk-takers, voting rights, form backbone of company - Preference Shares =given right to fixed dividend before ordinary shareholders receive - Reserves = profits/gained made by company + form part of ordinary shareholders claim - Loan capital = major source of finance |
Financial Statements of Limited Companies - P&L = operating profit - net profit before tax - net profit after tax - unappropriated profit - shows audit fees, transfers to reserves, corporation tax + dividends for year - Share capital + reserves = 'equity' |
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