Nature of structure

• Separate legal entity from its shareholders
• Governed by the Companies Act 1993
• Name to be reserved, need to file doc. of incorporation with the ROC.
• Must have – a name, at least one shareholder, at least one share, one director, registered address & service address.
• Perpetual existence until liquidated
• Limited liability
• Directors – responsible for compliance
• New shareholders and sale of shares •Cessation- IRD VS ROC
• Assessment – must file a tax return
• Losses carried forward except LTC co.
• Contributions – capital by way of shares LTC – Personal liable for co. income tax