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Private companies resolutions

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Private companies resolutions

  • This topic has 3 replies, 2 voices, and was last updated 9 months ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • April 11, 2022 at 8:19 pm #653103
    ilham9089
    Member
    • Topics: 236
    • Replies: 171
    • ☆☆☆

    How do private companies remove auditors or directors? I thought written resolutions could be ordinary or special so why can’t companies pass written ordinary resolutions with special notice?

    April 11, 2022 at 9:14 pm #653117
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22705
    • ☆☆☆☆☆

    Because you have to give the auditor / director about to be removed the opportunity to ‘fight her / his corner’ and explain why s/he feels that her / his removal is against the company’s interests

    OK?

    April 11, 2022 at 9:35 pm #653119
    ilham9089
    Member
    • Topics: 236
    • Replies: 171
    • ☆☆☆

    So how do private companies remove them then?

    April 12, 2022 at 7:49 am #653126
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22705
    • ☆☆☆☆☆

    Private companies and auditors? A rare combination!

    However, it is a possible combination and , of course, private companies have directors

    First thing to remember that, in practice, it’s most commonly the case that private companies’ directors will be sole directors or family or friends. For a sole director, the issue never arises

    For family and friends, it’s the break down of the relationship that causes the need for removal … and that’s the reason why you should NEVER enter into a business relationship where the power is evenly split!

    As for the technicalities … as per large companies! Ordinary resolution with special notice

    OK?

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