← Lessons 02-Business and Company Law
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Law of Contract Sole Traders Partnerships Limited Liability Partnerships — LLP Limited Companies Public Limited Company — PLC Private Limited Company Company Formation & Registration Certificate of Incorporation Private Company → Public Company Company Registers Company Accounts Share Capital Directors Company Secretary Auditors Annual General Meetings — AGM Proxies Company Reports People with Significant Control — PSC Winding Up / Liquidation Liquidator's Duties Bankruptcy ⭐ Key Exam Numbers to Remember

Auditors

  • The notes state:
    • Private limited companies with turnover exceeding £10.2 million must have accounts examined by an external auditor.
    • All PLCs must have external auditors.
  • Auditors should:
    • Be members of a recognised accounting body.
    • Be independent.
  • Main duties:
    • Establish the company's accurate financial position.
    • Report to shareholders.
  • Primary duty is to shareholders, not directors.