Company Booksregisters of commerce
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It'?s your turn to wipe out your registers?
As of today, there is a major shift in the law requiring all UK businesses to keep their business books (or give them their more formal designation "statutory register"), which allows all businesses to keep their books in a newly created computerised registry at Firms House.
These new rules are designed to increase openness and reduce red tape, particularly for smaller privately owned enterprises. There are doubts, however, whether registration in the new registry is really useful, and for many businesses this could cause major problems.
This new registry will enter into force on 30 June 2016 and all UK businesses, whether you are a one-man group or a large company, will have to decide whether or not to apply. Which are legal registries? Each UK company is obliged to keep and keep a number of legal registries, including a membership directory, a director registry, a director's home address registry and a secretary's registry.
They must be kept either at the company's head offices or at a sole alternate place of examination. Do not underestimate the importance of these registries, especially the membership directory, which is the final formal recording of who your stockholders are. There is a general misconception about the importance of property titles for your home, but there is a general misconception about the importance of the lawful registries for businesses, which in reality are the property titles that substantiate the real property right behind your business.
There is nothing unusual, especially in the case of individual services or other small and medium-sized enterprises, when you meet a manager who is asked about the legal registers' location with an equivalent term as empty as the legal register, when they eventually get dusty in the bureau or with your attorney or bookkeeper.
There' s a general misconception that the information that a company submits to Companies House each year about its annual report is really important, but that is actually just a notifiability. In order to determine the real status of the Company's officers and stockholders, the information must be included in the actual paper records maintained by the Company.
In order to become a legally incorporated company in the UK, you must be recorded in the Company Registry, stating the name of the person holding the company and the number of units he or she holds. Although a claim to economic ownership of these equities may exist until completion of this registering procedure, the statutory claim to the equities that have been granted or assigned has not yet been fulfilled.
Until then, you are not authorized to distribute a dividends, to cast votes on a decision addressed to the Company's stockholders, or to participate in the sales price if the Company's stock is disposed of to a third person.
It' s also important to remember that not keeping your business register is a crime. A company has recently completed a deal in which ownership of the company has been transferred to one of its managing directors. However, in the case of a recent case, a company has completed a transfer of ownership to one of its managing directors. However, this is not the case. Recognition of the material provisions for real estate transactions that hinder an enterprise from selling a material item of its assets to one of its officers (or their related parties) without the consent of the enterprise's stockholders.
Although the stockholders who voted in favor of the decision had purchased economic title to their stock, the assignment to one of the stockholders, although they had been notified to the Companies House via an annual report, had never actually been entered in the membership list, so that he was not a member with voting rights at that stockholders' assembly.
Consequently, the general assembly did not constitute a quorum at which the shareholders who had contested the sale could prove that the decision was void and that the entire real estate deal was cancelled. The new Registry? In 2015, the Small Business, Enterprise and Employment Act introduced new regulations that will allow all enterprises to choose the new registry, eliminating the obligation to keep and keep their own legal registries.
This amendment becomes effective when the announcement is recorded at Companies House, and once elected by the Company, it is no longer required to keep its own legal records, although there is still an obligation to keep the historical legal records. A major reason for introducing the new registry and other new features, as well as the new persons with significant controls (with effect from April 2016) and the elimination of management (from October 2016), is full visibility of company and LLP property and controls.
The new registry should in practical terms impose an additional load on businesses that decide to report to Firms House. Currently, there is no obligation to report share registrations to the Companies House until next year's notification (which in turn will be repealed and superseded by a new certification declaration that allows more flexible scheduling of the year' s registrations), but if you choose the registry, you must inform Companies House as soon as possible after each share registrations so that they can keep the registry of members up to date.
By maintaining their own legal registries, enterprises can at least retain full oversight over the timely registration of changes in shares without the risks of delays that may be associated with the notification to the Commercial Registrar, who will then register the changes in the official registries. While some may have less paperwork if they do not have to keep their old paper register, they will not be able to erase the historical notes that still need to be maintained.
Businesses will always have the opportunity to withdraw from the registry, so that there will be businesses in the new e-Registry, businesses in the old legal registry system and possibly those who have chosen to do so and then resign. There may be a possibility that registration in the registry may become compulsory in the near term, but until then there is more room for puzzlement than for openness.
It is also unlikely that a private company will choose the new registry because it is not currently required to provide information about its members to Companies House (unless it is required to do so under the new PSC registry requirements). It is important to remind those who are considering this approach to be cautious when it occurs without fully investigating the effects.
When you are interested in using the new registry, some action must be taken to obtain the consent of shareholders, exercise the options and notify Companies House.