In ACCA F4ENG notes, page 63 as well as in the mock exam's answer, it states that Public companies should have at least 2 members.
In BPP learning materials it states that Public and Private companies must have a minimum of one member. However, unlike a private company public company must have at least two directors.
Please can you advise on the right number of members for public companies.
Thanks,
Olga
Ask the Tutor ACCA LW
Public Companies - the number of members
10y ago#1I'm actually looking this very point up right now
Nowhere can I find the number of members in a public company being reduced to 1
I CAN find that the European Union is currently discussing the possibility of a commonised single member company for private companies (going to be called a Societas Unius Personae)
But that's only for private companies and we're still a long way from reaching agreement
What I CAN also find is numerous posts on the F4 Ask ACCA Tutor page asking exactly the same question! Did you by any chance think that you were the first to have noticed this contradiction?
You don't even have to look back more than 3 days!
May 26 at 10.09, a post from Bubblegum asked the same. At least your question did not have the temerity to call me unreliable!
If, Olga, you can find some definitive reference that confirms either my view of 2 members or BPP's view of just 1 member, I would be forever in your debt if you would let me know
:-)
Thank you for your exhaustive answer Mike. I was looking for the answer in the posts, but it looks like my skills of using the forum definitely need to be improved.
Sorry for the late reply, I was busy at work all the week. Here is the reference:
BPP Learning Media, ACCA Approved Study Text, Paper F4 Corporate and Business Law (English), Study Text for exams from 1 September 2015 to 31 August 2016
Page 184, 3.4.2 - Minimum membership and directors
Page 233, 1.4 - The number of members
I can also see your post from May 31, confirming that the number of members for the public companies is one.
Now I can only hope that this question will not come up on my exam, which I am taking with Kaplan, in case they didn't change their answer bank database to reflect the correct answer :-).
Have a nice weekend,
Olga
10y ago#3I'm happy now that the minimum number of members in a public company is just ONE and I apologise to all who have believed me when I said the minimum number was 2
Good luck next week with the exam
Thank you Mike. I've got 70% pass - very happy.
I will miss your lectures and your great sense of humor!
10y ago#5Thanks Olga, and congratulations on a great result :-)
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