2020-10-10
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Companies come in many different shapes and sizes; there are key differences in what they can and cannot do, and the purpose for which each is designed. But all are separate legal persons independent of their directors and shareholders. Only rarely will the law look behind a company and treat it as being the same person as those who control it.
This concept of a company as a separate legal personality has two consequences:
· A company’s property belongs to it and not to its directors, management or shareholders. Even if you are a sole director and a 100% shareholder, you can still be found guilty of stealing from your own company. Liquidators and future owners will have an interest in pursuing claims for theft or misuse of assets where a company has been plundered by those in day-to-day control. Many a corporate swindler has been pursued through the courts for forgetting this basic principle.
· A company is responsible for its own debts and liabilities. The shareholders and, as a general rule, directors cannot be forced to pay them.
That second point is why ‘limited’ companies give their shareholders ‘limited liability’. A limited company may be sued until all its assets have been exhausted, but no creditor can turn to the shareholders and ask them to meet any deficit. Once a company has received at least the nominal value of its issued shares (£1 for a £1 share, etc), the shares are ‘fully paid’ and the shareholder has no further liability. Shares may be issued ‘partly paid’: a £1 share may be issued with 25p payable on issue and 75p at some future date or on an earlier liquidation. But once those amounts are paid in full, the shareholder has no further liability for the company’s debts.
Most companies are ‘limited by shares’, and they may be ‘private’ or ‘public’ companies. Public companies may have their shares ‘listed’ or traded on a stock exchange – although they are under no obligation to do so.
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to plunder - незаконно присваивать
swindler – жулик
misuse - злоупотребление
Answer the following questions:
1. How do you understand the concept that a company is a separate legal personality?
2. What are the two consequences of that concept?
Task 9. Translate the following text into English:
Частная компания с ограниченной ответственностью
Все компании, которые не являются открытыми акционерными обществами, определены законом как частные. Размеры частной компании могут колебаться от небольшой семейной компании до филиала огромного предприятия.
Частная компания - очень гибкая структура, которая легко адаптируется для соответствия многочисленным требованиям.
Единственное, что частная компания не может делать в соответствии с законом – это предлагать свои акции общественности. Любая частная компания, которая хочет выпустить акции общественности, должна сначала стать открытым акционерным обществом с ограниченной ответственностью.
Частные компании обычно имеют меньше акционеров, чем открытые акционерные общества. Передача акций часто производится только после одобрения совета директоров, что позволяет контролировать кто становиться акционером, а следовательно контролирует компанию. Часто акционер, желающий продать свои акции должен в первую очередь предложить их существующим акционерам, давая им возможность сохранить свою долю в акционерном капитале и не допустить новых акционеров.
Task 10. Study the text below and fill in the table comparing a private limited company and a public limited company.
