Public company limited by shares Definition

Case studies

"Because of the pure breadth and depth of black letter law research and practical guidance that ��Ӱ�� provides, we don't have to rely on counsel as much as perhaps firms that don't use ��Ӱ��."

KaurMaxwell

Access all documents on Public company limited by shares

GET ACCESS NOW

GLOSSARY

Published by a ��Ӱ�� Corporate expert

What does Public company limited by shares mean?

Whilst many of the key features of all companies limited by shares are similar (separate legal personality, limited liability, etc), the public limited company is distinguished by (1) a minimum issued share capital of not less than £50,000 (CA 2006, s 763(1)), (2) a rule that not less than a quarter of the nominal value and the whole of any premium payable on shares issued by a PLC must be paid up on allotment (CA 2006, s 586), and (3) the fundamental fact that shares may be offered to the public. A public limited company must have at least two directors (CA 2006, s 154(2)), and a company secretary (CA 2006, s 271). The name of a public company must include the words 'public limited company' or 'plc' (or the Welsh equivalents) (CA 2006, s 58).

Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.

Special resolutions and other resolutions requiring 75 per cent member approval under the Companies Act 2006—checklist

Special resolutions and other resolutions requiring 75 per cent member approval under the Companies Act 2006—checklist Special resolutions The Companies Act 2006 (CA 2006) sets out certain matters that must be passed by the members (or by a class of members) of a company as a special resolution (ie by a majority of not less than 75%) or by the holders of at least 75% of shares or of a class of shares. If a written resolution is to be passed as a special resolution, to be effectively passed as a special resolution, it must state that the resolution was proposed as a a special resolution. See Practice Notes: Member resolutions and Written resolutions for more details about shareholder resolutions and written resolutions. Note that: • anything done by ordinary resolution may also be done by special resolution, and • in addition to complying with the requirements of CA 2006, it may be necessary to comply with the requirements of any shareholders' agreement (or other governing document) as...

Incorporating a public company limited by shares—checklist

Incorporating a public company limited by shares—checklist For full details on the incorporation of a public company limited by shares, see Practice Note: Incorporating a company. Matter to be considered or step to be taken Companies Act 2006 (CA 2006) reference (if applicable) Tick box when step complete or matter considered Preparing to incorporate a public company limited by shares Will the company be tailor-made on incorporation or purchased 'off the shelf'? If the company is to be 'tailor made', proceed with the rest of the considerations and steps within this checklist. See further: Tailoring a shelf company limited by shares—checklist. N/A Who are the initial shareholders (also known as subscribers)? There may be just one subscribing shareholder. CA 2006, ss 9–10 Ensure the allotted share capital is of a nominal value not less than the authorised minimum. CA 2006, ss 761-767 Will the shares held by the subscribers be paid up in cash as to at least a quarter of their nominal value...

Discover our 3 Checklists on Public company limited by shares

Directors' duties—directors' interests: CA 2006, ss 175–177

Directors' duties—directors' interests: CA 2006, ss 175–177 The main Directors’ duties developed by the courts were set out in statute for the first time in sections 171–177 of the Companies Act 2006 (CA 2006), and all of those statutory duties (general duties) are set out in Practice Note: Directors' duties—scope, nature, interpretation and application. The Chartered Governance Institute (CGI) has also published guidance on directors' duties. See: The Chartered Governance Institute guidance on directors' general duties. The fifth, sixth and seventh general duties are: • the duty of a director to avoid a situation in which the director has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with the interests of the company (the duty to avoid conflicts of interest) • the duty of a director not to accept a benefit from a third party conferred by reason of the director being a director, or their doing (or not doing) anything as director (the duty not to accept benefits from third...

Calling a general meeting (including an AGM)

Calling a general meeting (including an AGM) This Practice Note summarises the law in relation to calling a general meeting of a private company limited by shares or a public company limited by shares. It is also suitable for companies with equity shares listed on the Main Market of the London Stock Exchange and companies with equity shares admitted to AIM. A general meeting of the members of a company can be called and held at any point, and any number of times, in a year in order for the members to pass resolutions to carry out certain changes or approve certain actions. Detailed requirements as regards the convening and holding of a general meeting are set out in the Companies Act 2006 (CA 2006). A company must also comply with any requirements in its articles of association in relation to convening general meetings. For details on the notice requirements for a general meeting of: • a private or unlisted public company, see Practice Note: General meetings—notice...

Discover our 30 Practice Notes on Public company limited by shares

Board minutes of a company to appoint a single/multiple corporate representative(s) to attend a general meeting of a private company/unlisted public company

Board minutes of a company to appoint a single/multiple corporate representative(s) to attend a general meeting of a private company/unlisted public company company number: [insert number] [insert company name] [ Limited OR PLC] Minutes of a meeting of the board of directors (the Meeting) of [insert full name of company] (the Company) Held at [insert place of meeting] On [insert day, month and year of meeting] at [insert time of meeting][am OR pm] Present: [Insert names of the director(s) physically present][[Insert names of any directors present by telephone as permitted by the Company’s articles of association] (by telephone)] [[Insert names of any directors present by other means permitted by the Company’s articles of association] (by [insert other means])] [ In attendance: ] [[Insert name of anyone in attendance, who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers)]] [ Apologies: ] [[Insert names of any directors who are unable to attend the Meeting]] 1 Chair,...

Board minutes to convene an annual general meeting of a private company or unlisted public company

Board minutes to convene an annual general meeting of a private company or unlisted public company Company number: [insert number] [insert company name] [ Limited OR PLC] Minutes of a meeting of the board of directors (the Meeting) of [insert full name of company] (the Company) Held at [insert place of meeting] On [insert day, month and year of meeting] at [insert time of meeting][am OR pm] Present: [Insert names of any directors present, whether physically or by any remote means (unless such means specifically excluded by the Company’s articles of association)] [by [insert means of attendance for each director attending remotely]]] [ In attendance: ] [[Insert name of anyone in attendance, whether physically or by any remote means, who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers)]] [ Apologies: ] [[Insert names of any directors who are unable to attend the Meeting]] 1 Chair, notice and quorum [Insert name] was appointed Chair of the...

Dive into our 45 Precedents related to Public company limited by shares

Is a community interest company allowed to offer shares to the public?

Is a community interest company allowed to offer shares to the public? A community interest company (CIC) is a type of limited liability company formed specifically for the purpose of carrying on business for social purposes or to benefit a community. A CIC may be a private company limited by shares, a public company limited by shares or a private company limited by guarantee. It must comply with usual UK company law requirements, and is also subject to additional regulation to ensure that the CIC’s assets, income and profits are used in the interest of the

Can a CIC be a partner in a general partnership?

Can a CIC be a partner in a general partnership? The principal legislation governing Community Interest Companies (CICs) is contained in: • Companies Act 2006 • Companies (Audit, Investigations and Community Enterprise) Act 2004 (C(AICE)A 2004) • Community Interest Company Regulations 2005, SI 2005/1788 (the CIC Regulations) • Community Interest Company (Amendment) Regulations 2014, SI 2014/2483 C(AICE)A 2004, s 26 provides that a CIC can be: • a company limited by guarantee (with or without a share capital) • a private company limited by shares, or • a public company limited by shares A general partnership is defined in section 1 of the Partnership Act 1890 (PA 1890) as being ‘the relation which subsists between persons carrying on a business in common with a view to profit’. As such the partners in a partnership can be individuals, corporations, other partnerships or a combination of these (section 5 of Schedule 1 to the Interpretation Act 1978 (IA 1978)). It is therefore possible to have a partnership where some...

See the 7 Q&As about Public company limited by shares

Top

Trial

��Ӱ��

GLOSSARY