Parties and Status

Parties and Status

1. Limited Companies

   • Own legal identity
   • Private limited company (LTD)
     • Offers limited liability to shareholders
     • Restrictions are put into place to prevent hostile take overs happening
     • Main shareholders restrictions
       • Cannot sell shares without offering them to someone in the business first
       • Shareholders cannot sell shares in stock exchange
       • The number of shareholders cannot exceed a fixed figure
   • Public Limited company (PLC)
     • Securities traded on stock exchange (can be brought and sold by anyone)
     • Have to publish true financial position
   • Shareholders have limited liability
   • Board of Directors control the business

2. Partnership

   • Partnership can arise when two or more people carry on a business together
   • Flexible
   • No formalities
   • Two rules it falls into in terms of law
     • External rules: Between partnership and customers
     • Internal rules: Between partners
   • Partners share profits and losses
   • Must act in upmost good faith
   • May not make a private profit
   • Every partner is eligible to make a binding contract on the firms behalf

3. Limited Liability Partnerships (LLP's)

   • Alternative corperate business vehicle, which allows an organisation to be ran as a traditional partnership with the benifits of a limited liability company
   • Registered at companies house
   • Can hold property and become subject to legal rights and duties
   • Members are not personally liable

4. Local AUthorities

   • Employed officials and staff (officers)
   • Elected members (the council)
   • Local governement act 1972
   • Concept of ultra vires tested by judical review
   • Corperate bodies

5. The Crown

   • Crown preedings act 1947
   • Central government
   • Residual immunities
     • not be restrained
     • Priveledge to restrain disclosure of documents

6. Public Utilities and regulation

   • Regulators
     • OFWAT (water services)
     • OFTEL (telecomunications)
     • OFGAS (gas)
   • Rail
     • Network rail
     • office of the rail regulator
     • Railways inspecturate