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Separate legal personality

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Separate legal personality

  • This topic has 3 replies, 2 voices, and was last updated 3 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • March 26, 2022 at 8:18 pm #651958
    ilham9089
    Participant
    • Topics: 301
    • Replies: 190
    • ☆☆☆

    Does a separate legal personality apply to Unlimited Liability Companies? Also, can public companies be unlimited liability companies?

    March 26, 2022 at 8:33 pm #651963
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    Yes, and

    No

    OK?

    March 26, 2022 at 10:56 pm #651968
    ilham9089
    Participant
    • Topics: 301
    • Replies: 190
    • ☆☆☆

    Hi, Mike. I was wondering how an unlimited liability company can be a separate legal entity? Isn’t the whole reason of it being separate is because of limiting the amount of liability the members incur? Also can you give me an example of what type of businesses form unlimited liability companies

    March 27, 2022 at 7:51 am #651990
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    ‘Isn’t the whole reason of it being separate is because of limiting the amount of liability the members incur?’

    Not necessarily! That’s certainly a BIG advantage of conducting business as a company but it’s not necessarily the ‘whole’ reason

    ‘Also can you give me an example of what type of businesses form unlimited liability companies’

    I seem to recollect that I gave an example in lectures! However … in English law it is the case that a property cannot be registered in the names of more than 4 people. OK, Me, John, Ken, Tax tutor and Chris are in partnership and we decide to buy some property in England. Well, I certainly want my name on the ownership documents

    But so does John

    But so does Ken

    But so does Tax tutor

    And so does Chris

    So what can we do?

    Form an unlimited liability company and take shares in that company but buy the property in the company name

    OK?

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