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advantges of a public limited company
The company has a legal existence separate from management and its members (the shareholders) Members' liability is limited The company's name is protected It has flexible borrowing powers The company continues despite the death, [ resignation or bankruptcy of management and members The interests and obligations of management are defined Appointment, retirement or removal of directors is straightforward New shareholders and investors can be easily assimilated Employees can acquire shares Approved company pension schemes usually provide better benefits than those paid under contracts with
the self-employed and those in non-pensionable employment The level of premium that directors can pay is restricted but there is no limit on the overall contributions paid by the company for the directors, although there is a maximum benefit limit imposed by the Inland Revenue Superannuation Fund Office Taxation - sole traders, partners and partnerships pay income tax. Sole traders' and partners' income is taxed as the proprietors' income, regardless of how much profit is retained as working capital, and interest on loans to the business is taxed as their income Partners are liable personally and jointly for partnership tax and if a partner dies, the surviving partners are responsible for partnership tax Directors pay income tax and the company pays corporation tax on company profits, and with current rates of tax company profits earned and retained in the business are assessed to corporation tax at lower rates than if income tax were payable on equivalent profits earned by an unincorporated business Read more: ]
Expert answered|jeifunk|Points 7173|
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Asked 10/5/2012 5:19:37 AM
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