Thursday, 8 December 2011
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Thursday, 24 November 2011
In simple terms, a guarantee company is a not-for-profit company, and is the type most often formed by charitable organisations. A guarantee company does not have a share capital, and the members do not won the charity - they are decision makers for the company, but do not recieve any profits, and have no claim on the companies assets.
All income generated is used to cover operating costs and to achieve the objectives of the company.
Common guarantee companies often include clubs, student unions and charities.
Oxfam and nearly all other charities work under this business structure.
This allows business partners to enjoy the benefit of limited liability, avoiding the problems of joint and several liability that applies to ordinary partnerships.
While there are no shares in this form of company, and tax arrangements remain the same for ordinary partnerships, a partnership deed will need to be drawn up to specify, among other things, how profit is split and what happens in the event the partnership is wound up.
Aberlink Innovative Metrology
Aberlink are a U.K based metrology company that have recently transfered from a Private limited company to a limited liability partnership.