What is a company's constitution? A company’s 'constitution' is defined under the Companies Act 2006 (CA 2006) as including: • the company’s articles of association, and...
BREXIT IMPACT: The information to be given when appointing a corporate secretary will be affected by Brexit. For further details, see Impact of Brexit on appointment of...
BREXIT IMPACT: The information to be given when appointing a corporate director will be affected by Brexit. For further details, see Impact of Brexit on appointment of...
What is a charitable incorporated organisation (CIO)? A charitable incorporated organisation (CIO) is a form of legal entity that is only available to charities. A CIO: •...
A company having a share capital may have separate classes of shares. As a general rule, a type of share will form a separate class from other shares in a company if the...
What is a community interest company? A community interest company (CIC) is a type of limited liability company formed specifically for the purpose of carrying on...
What is a company limited by guarantee? Limited companies can be either limited by shares or by guarantee. A company limited by guarantee is a type of company whose...
This Practice Note considers the nature of shares in a company and the classes into which they can be divided. If a company has shares of different classes, then class...
Directors are the agents of a company who manage its day-to-day business and owe a number of duties to it. The Companies Act 2006 (CA 2006) codified for the first time...
In 2011, anti-avoidance legislation in the form of Part 7A of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) was introduced to tackle arrangements aimed at...
Introduction HMRC has, for many years, sought to ensure that the rewards gained from employment are properly subject to income tax and National Insurance contributions...
Overview of potential IHT charges It is important when establishing or operating an employee benefit trust (EBT) that the potential for Inheritance Tax (IHT) charges to...
FORTHCOMING CHANGE: The EU Fifth Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force on 9 July 2018. The...
FORTHCOMING CHANGE: The EU Fifth Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force on 9 July 2018. The...
What some consider to be normal business rules do not always apply in a family business context, eg many businesses consider nepotism to be an unethical practice. The...
Family business culture With the typical average cost of replacing an employee exceeding £30,000, recruiting and retaining the right people with the right skill set is...
The vast majority of family companies are privately owned. As such, the corporate governance regime applicable to listed companies (including the UK Corporate Governance...
In March 2010, the European Confederation of Directors' Associations (ecoDa) published Corporate Governance Guidance and Principles for Unlisted Companies in Europe. This...
The examples given in this Practice Note are based on a UK company that is privately owned but the same issues arise for families who own other types of assets or whose...
There are different types of family constitution: • unwritten • written or partly written, and • codified Unwritten family constitution Many family businesses do not have...
Interest in the use of family investment companies (FICs) as an estate planning vehicle increased following the changes to the tax treatment of trusts that took place in...
The term ‘family office’ embraces a huge range of situations. As such, there is no single accepted definition. However, the Family Firm Institute see a family office as:...
Produced in partnership with the Family Business Consultancy The governance of family offices falls into two broad categories: • external compliance—where the activities...
'Govern a family as you would cook a small fish—very gently'. Many would agree that a similar principle applies to managing a family business. The family business that...
This Practice Note discusses the conditions that need to be satisfied to form a general partnership under the Partnership Act 1890 (PA 1890). It also discusses the...
A limited liability partnership (LLP) is a body corporate which is formed under the Limited Liability Partnerships Act 2000 (LLPA 2000). The majority of law applicable to...
