Limited Company

-

 

1.0 Introduction

Limited Company is a private company whose owners are legally responsible for its debts only to extent of the amount of capital they invested. Limited companies may be limited by shares or guarantees. The liability of members or subscribers of the company is limited to what they have invested or guaranteed to the company.

2.0 There are steps that should follow up in order to make a registration of the limited company. Before sending the application to the responsible board.

Firstly he needs to prepare A Memorandum of Association and The Articles of Association

2.1 A Memorandum of Association (MOA) is a legal document prepared in the formation and registration process of a limited liability company to define its relationship with shareholders. The MOA is accessible to the public and describes the company’s name, physical address of registered office, names of shareholders and the distribution of shares. The MOA and the Articles of Association serve as the constitution of the company

2.2 Also Memorandum of Association (MOA) of a company defines the constitution and the scope of powers of the company. In simple words, the MOA is the foundation on which the company is built. The Memorandum of Association (MOA) of a company contains the object for which the company is formed. It identifies the scope of its operations and determines the boundaries it cannot cross.

2.3 It is a public document according to Section 399 of the Companies Act, 2013. Hence, any person who enters into a contract with the company is expected to have knowledge of the MOA.

2.4   It contains details about the powers and rights of the company.

Under no circumstance can the company depart from the provisions specified in the memorandum. If it does so, then it would be ultra virus the company and void.

3.1 Object Clause

3.1.2 It must specify the objects for which the company is being incorporated. Further, if a company changes its activities which are not reflected in its name, then it can change its name within six months of changing its activities. The company must comply with all name-change provisions.

3.1.3 The Articles of Association or AOA are the legal document that along with the memorandum of association serves as the constitution of the company. It is comprised of rules and regulations that govern the company’s internal affairs.

3.1.4 The articles of association are concerned with the internal management of the company and aims at carrying out the objectives as mentioned in the memorandum. These define the company’s purpose and lay out the guidelines of how the task is to be carried out within the organization. The articles of association cover the information related to the board of directors, general meetings, voting rights, board proceedings, etc.

3.1.5 The articles of association are the contracts between the shareholders and the organization and among the shareholder themselves. This document often defines the manner in which the shares are to be issued, dividend to be paid, the financial records to be audited and the power to be given to the shareholders with the voting rights.

3.1.6 The articles of association can be considered as the user manual for the organization that comprises of the methodology that can be used to accomplish the company’s day to day operations. This document is a binding on the shareholders and the organization and has nothing to do with the outsiders. Thus, the company is not accountable for any claims made by any external party.

3.1.7 There after you are ready acquainted with all these documents then should be able to send them to the responsible board which is BRELA (Business Registration and licensing Agency).

3.1.8 Once all the documents are submitted to the Registrar of Companies, they will be reviewed to ensure compliance and thereafter assessment for payments of all necessary registration fees will be issued to the Applicant; and,

3.1.9 Upon payments of all the necessary fees the Registrar will issue the Applicant with a Certificate of Incorporation which contains the incorporation number, the date of incorporation, signed by the Registrar of Companies or his designated officer and sealed by the Seal of the Registrar of Companies.

4.1 TIN this is an acronym of Taxpayer Identification Number and it is only issued out by one institution in Tanzania and that is TRA ( Tanzania Revenue Authority).

5.1 CONCLUSION: The registration of a company is vital in any where because for a company to operate its functions legally I must undergo registration for it to be granted access to operate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REFERENCE:

Breakthrough Attorneys report, registration of a limited company, April 5th, 2018

 

Comments

Post a Comment

Popular posts from this blog

International Law

-
    International Law The body of law that governs the legal relations between or among states or nations.To qualify as a subject under the traditional definition of international law, a state had to be sovereign: It needed a territory, a population, a government, and the ability to engage in diplomatic or foreign relations. States within the United States, provinces, and cantons were not considered subjects of international law, because they lacked the legal authority to engage in foreign relations. In addition, individuals did not fall within the definition of subjects that enjoyed rights and obligations under international law. so there are two types of international law which are public and private international law. Public International Law: Public International laws have been designed to examine the relationships between the countries and states and they govern the binding rules of the international community to avoid any dispute. Public International laws genera...
Read more
-
Image
 HARMORAPA   Since Artist Harmorapa has entered the music to start to be compared to an artist Harmonize, every time the rapper has been entered on the 'headline' wide and discussed by many artists the biggest in the country, others were pleased with his actions while others mocked him and see that he deserves to be a musician. He started as a joke has to be compared with the bright label WCB minor then starts to penetrate into the ears of love entertainment. We are referring here HarmoRapa  is predicted to major in music of bongo Fleva Time here. His first single not divide a passport is placed on the map and start to be known, though it did not properly market. This Time around HarmoRapa has come up with another hit in Town goes by the name "kiboko ya mabishoo" Many thought if Jokes but relatives had become serious now after signing a deal with a large imaging technology bongo Slides Visual less Mx Carter. Also contusion with producer p funk ...
Read more

KATIBA YA KIKUNDI

-
KATIBA YA VACK GROUP SEHEME YA 1. UTANGULIZI 1 JINA LA KIKUNDI VACK GROUP IBARA YA PILI: 2: TAFSIRI YA MANENO MBALIMBALI  2.1 Kikundi kina mkusanyikon wa watu 2.2 Wanachama wa kikundi wana mtazamo moja  2.3 Wanadhamira moja katika kujenga taifa IBARA YA 3. UTANGULIZI Wanachama wa kikundi cha VACK GROUP tumejipanga kufanya kazi kwa ushirikiano ili kufikia malengo yetu IBARA YA 4. KATIBA Katiba ni kanuni ya nchi au taasisi iliyopangwa kwa makubaliano maalumu yanayosimamia sheria kufuata miongozo yake bila kwenda kinyume.Kwenda kinyume cha hapo ni kosa. IBARA YA 5. JINA LA KIKUNDI Kikundi kinaitwa VACK GROUP  IBARA YA 6. LUGHA RASMI YA KIKUNDI Lugha rasmi ya kikundi ni Kiswahili na kingereza. IBARA YA 7. OFISI KUU Makao makuu ya kikundi yatakua ndani ya Mbinga mjini. IBARA YA 8. ENEO LA UTENDAJI WA KAZI  Itakuwa ndani ya wilaya ya mbinga IBARA YA 9. KANUNI ZA KIMAADILI  9.1 Kuheshimiana wenyewe kwa weny...
Read more