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Hayle Football Club

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The main advantage is protection.The club owns all the land, and turns over a reasonable amount every year,as we are run completely by volunteers, it was felt that to have all the assets being the responsibility of four trustees was a little unfair. Thus the company will now bear the responsibility. From the outside there will be no difference to the running of the club.There are also certain tax advantages although these are minimal. Hope that answers your query

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Guest The Judge aka RED OR DEAD

What is a limited company?

A limited company is a separate legal person created by incorporation at Companies House. Its profits, losses, assets and liabilities are its own. The company is owned by its members (the shareholders) and run by the director (or directors) whose assets are protected from loss if the business should fail. This is sometimes referred to as limited liability. Because a company has a life of its own the business can continue despite the resignation or death of any directors or shareholders and the sale of the business or the introduction of outside investors is simplified. Reasons for wanting or needing a limited company may include ownership of property, obtaining outside finance, taxation, status and protection from risk.

What is a single member company?

A single member company is a private company, limited by shares or by guarantee, which is incorporated with one member, or whose membership is reduced to one person. Can a single member run the company?

No. The company must still have at least one director and a secretary who cannot also be the sole director.

How can a single member hold general meetings? Unless the company's articles of association specify anything to the contrary, a single member - present in person or by proxy - constitutes a quorum. If such a meeting is held, it must be recorded in the minutes. If a single member takes a decision, except by written resolution, then the decision must be given to the company in writing.

How should a company record an unwritten contract with a sole member?

If the company enters into an unwritten contract with the sole member who is also a director of the company (and the contract is not in the ordinary course of the company's business), the company must ensure that the terms of the contract are set out in a memorandum or are recorded in the minutes of the next directors' meeting.

What about the register of members?

A company's register of members must accurately record its members. If a company is incorporated with one member, then the register must reflect this. If the company originally had more than one member and the membership reduces, then the register must show when this happened. Similarly, the appropriate entries must be made in the register of members if the number of members later increases.

Will they need to file audited accounts?

All U.K. Limited Companies must file accounts at Companies House and there are penalties for late filing.

Companies with a turnover of under £1,000,000 a year can claim exemption from audit but must include a report by a qualified accountant. Companies with a turnover of under £90,000 may dispense with audit completely. The above figures should be checked with Companies House as they may be subject to change from time to time. If exemption from audit is claimed the accounts must include a note stating the basis for claiming exemption.

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Guest The Judge aka RED OR DEAD

Well done judge , the words nail and head spring to mind. See you in August?

We thought the SWPL we're having a laugh when they paired us in the League cup, in fact I know it raised eyebrows at HQ when the draw was made. But to give us the first game of the season at Hayle, well a youngster I know will be looking forward to trying to score again.

The Newquay Loyal will be out in force as usual, lets hope for a nice sunny day !

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