Orthodox Hong Kong Dissertation
Currency: Hong Kong Company law pre-1997, with references to post 1997 amendments and concerns. Background and Sources of Company Rules
The legal system of Hk is based on English language common law, with the Businesses Ordinance staying the core regulator of companies in Hong Kong. If the British believed control of Hong Kong after the Opium War, it introduced English language legislation to the territory. The Hong Kong courts have taken care of a stringent application of The english language common law unless it is application causes injustice or oppression. A body business is defined as a legal person created and recognised by the law. A company can be defined in s. 2 (1) to mean a firm formed and registered beneath the Ordinance or perhaps an existing company. Upon use of a firm an manufactured legal business is created that is separate and distinct from the members. A Partnership however is the romantic relationship which is out there between people or firms carrying on the business in accordance with a view of profit. A Trust is identified as a romance between a trustee and beneficiaries in respect of trust real estate. It frequently involves 3 parties, the settler, the trustee plus the beneficiaries. Business Structure
Investors are the associates and owners of the firm. The directors' are designated by the shareholders' to manage the organization. Companies may be limited by stocks and shares or simply by guarantee or perhaps can be unlimited liability companies. Memorandum and Articles are the constitution of the company. Types of Businesses; Effect of Use
The key business constructions in Hk are limited companies, relationships, or singular proprietorships. A firm may be a private company limited by shares, community company restricted to shares, limited partnership, singular proprietorship and trusts. Hong Kong also, welcomes the unusual concept of a single shareholder, one particular director firm, where aktionar and representative are the same person. Companies classified with reference to liability of their members will be: companies limited by shares, corporations limited by assurance, and unlimited companies. The Ordinance does not define or perhaps use the term вЂpublic company', it differentiates between public companies which might invite members of the public to invest profit them as well as the vast majority of companies, without any intention of inviting the population, that is the personal companies. The word вЂholding company' is indirectly defined. Rather s. a couple of (7) refers to a company the industry subsidiary of another company being the holding company. A company is actually a separate legal entity. It might enforce legal rights by suing, and it might incur debts and be sued by other folks. Perpetual succession, also does apply, where the organization will continue to exist regardless of what occurs its associates, until its name is hit off the signup of businesses. There is also a requirement for a company to possess a common seal off: s. sixteen (2). As being a separate legal entity a business may personal property distinct from the property of it is members. Members' liability differs depending on the firm type. Process of Incorporation
Prior to a company is incorporated it must lodge a Memorandum, however, not all firms need to lodge Articles: s i9000. 9 and 15. A statutory announcement of conformity with the Ordinance, must be produced to the Deliberar. Various service fees must be paid out when documentation is lodged with the Archivar: s. 304 upon sign up the Registrar certifies that the company can be incorporated. This generally takes a couple weeks to incorporate a firm unless the organization is a вЂready-made' company through which they would be accessible for instant purchase. In Hong Kong, Firm names, which will suggest an association to the Government, similar or identical to the existing organization, contrary to general public interest, suggests royal or government patronage are generally restricted and certain words which suggest expert activity can simply be used when the appropriate licenses have been attained. Names must end with Limited to...