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Commentary

16.2 The number of participants in the business

BUSINESSES vol 4(2) start-up, sale and purchase
BUSINESSES vol 4(2) start-up, sale and purchase | Commentary

16.2 The number of participants in the business

BUSINESSES vol 4(2) start-up, sale and purchase | Commentary

16.2 The number of participants in the business

There is no limit upon the maximum number of shareholders in a limited liability company1, or partners in a trading partnership2, or members of a limited liability partnership.

In relation to minimum number of participants, under the regime imposed by the Companies Act 1985, there was a potential problem in the case of a sole proprietor who wished to operate through the medium of a limited liability company3. This was because the 1985 Act required a company to have at least two officers4 (for a public company this had to be two directors,

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