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Isle Of Man Companies Act 2006
The Isle of Man Companies Act 2006, also known as the 2006 Act, is a law which permits the incorporation of a flexible and modern corporate vehicle which was originally known as the New Manx Vehicle. Incorporation of 2006 Act companies commenced in the Isle of Man on 1 November 2006. The Act is a stand-alone piece of legislation which supplemented existing Isle of Man Companies Act legislation rather than replaced it. Isle of Man Companies can also be incorporated under the Isle of Man Companies Acts 1931-2004 and the Limited Liability Companies Act 1996. Introduction The Isle of Man Companies Act 2006 (the 2006 Act) provides for the incorporation of a flexible and modern corporate vehicle which was originally known as the New Manx Vehicle (‘NMV’). Background In 2003, two Isle of Man law firms Cains, and Dickinson Cruickshank (now Appleby) began to jointly lobby the Isle of Man Government to enact a new legislation for a New Manx Vehicle (NMV) which could compete on equal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statutory Law
Statutory law or statute law is written law passed by a body of legislature. This is opposed to oral or customary law; or regulatory law promulgated by the executive or common law of the judiciary. Statutes may originate with national, state legislatures or local municipalities. Codified law The term codified law refers to statutes that have been organized ("codified") by subject matter; in this narrower sense, some but not all statutes are considered "codified." The entire body of codified statute is referred to as a "code," such as the United States Code, the Ohio Revised Code or the Code of Canon Law. The substantive provisions of the Act could be codified (arranged by subject matter) in one or more titles of the United States Code while the provisions of the law that have not reached their "effective date" (remaining uncodified) would be available by reference to the United States Statutes at Large. Another meaning of "codified law" is a statute that takes the common law ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Director (business)
The term director is a title given to the senior management staff of businesses and other large organizations. The term is in common use with two distinct meanings, the choice of which is influenced by the size and global reach of the organization and the historical and geographic context. Further to this, the term is also used in reference to various technical (legal) definitions specific to corporate governance legislation in individual countries. Thus, a director can be any of: * A person appointed to act as the most senior manager of the company itself (managing director) or of a key function (finance director, operations director, etc.), in which case the title is analogous to and replaces the "C-Suite" titles, this might be considered as the British English meaning of the word. * A person from a group of managers who leads or supervises a particular area of a company, which might be considered to be the American English meaning of the word. * A person holding a "director ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Records
Accounting records are key sources of information and evidence used to prepare, verify and/or audit the financial statements. They also include documentation to prove asset ownership for creation of liabilities and proof of monetary and non monetary transactions. Accounting records can take on many forms and include (among other camps): *Ledgers * Journals * Bank statements *Contracts and agreements *Verification statements *Transportation receipts *Invoices *Vouchers Accounting documents or document records regroup every document that plays a role in the preparation of financial statements for a company, like income statements and balance sheets. They include records of monetary transactions, assets and liabilities, ledgers, journals, etc. Accounting documents and records are the physical objects upon which transactions are entered and summarized. Examples include such items as cancelled checks, paid bills, payrolls, subsidiary ledgers, bank reconciliations. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prospectus (finance)
{{unreferenced, date=October 2015 A prospectus, in finance, is a disclosure document that describes a financial security for potential buyers. It commonly provides investors with material information about mutual funds, stocks, bonds and other investments, such as a description of the company's business, financial statements, biographies of officers and directors, detailed information about their compensation, any litigation that is taking place, a list of material properties and any other material information. In the context of an individual securities offering, such as an initial public offering, a prospectus is distributed by underwriters or brokerages to potential investors. Today, prospectuses are most widely distributed through websites such as EDGAR and its equivalents in other countries. United States In a securities offering in the United States, a prospectus is required to be filed with the Securities and Exchange Commission (SEC) as part of a registration statement. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Par Value
Par value, in finance and accounting, means stated value or face value. From this come the expressions at par (at the par value), over par (over par value) and under par (under par value). Bonds A Bond_(finance), bond selling at par is priced at 100% of face value. Par can also refer to a bond's original issue value or its value upon redemption at maturity. Stock The par value of stock has no relation to market value and, as a concept, is somewhat archaic. The par value of a share is the value stated in the corporate charter below which shares of that class cannot be sold upon initial offering; the issuing company promises not to issue further shares below par value, so investors can be confident that no one else will receive a more favorable issue price. Thus, par value is the nominal value of a security which is determined by the issuing company to be its minimum price. This was far more important in unregulated equity markets than in the regulated markets that exist today, wher ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shares
In financial markets, a share is a unit of equity ownership in the capital stock of a corporation, and can refer to units of mutual funds, limited partnerships, and real estate investment trusts. Share capital refers to all of the shares of an enterprise. The owner of shares in a company is a shareholder (or stockholder) of the corporation. A share is an indivisible unit of capital, expressing the ownership relationship between the company and the shareholder. The denominated value of a share is its face value, and the total of the face value of issued shares represent the capital of a company, which may not reflect the market value of those shares. The income received from the ownership of shares is a dividend. There are different types of shares such as equity shares, preference shares, deferred shares, redeemable shares, bonus shares, right shares, and employee stock option plan shares. Valuation Shares are valued according to the various principles in different markets, bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ultra Vires
('beyond the powers') is a Latin phrase used in law to describe an act which requires legal authority but is done without it. Its opposite, an act done under proper authority, is ('within the powers'). Acts that are may equivalently be termed "valid", and those that are termed "invalid". Legal issues relating to can arise in a variety of contexts: * Companies and other legal persons sometimes have limited legal capacity to act, and attempts to engage in activities beyond their legal capacities may be . Most countries have restricted the doctrine of in relation to companies by statute. * Similarly, statutory and governmental bodies may have limits upon the acts and activities which they legally engage in. * Subordinate legislation which is purported passed without the proper legal authority may be invalid as beyond the powers of the authority which issued it. Corporate law In corporate law, describes acts attempted by a corporation that are beyond the scope of powers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Supervision Commission
The Financial Supervision Commission (FSC) ( gv, Barrantee Oaseirys Argidoil) was the financial regulator of the Isle of Man. The commission was established in 1983. The Chairman was previously a Member of Tynwald until legislation forbade this in 2004. In 2015, the FSC merged with the Insurance and Pensions Authority (IPA) to form the Financial Services Authority (IOMFSA). Chairpersons ;FSC * Col Edgar Mann, 1983-1985 *David Cannan MHK, 1986-1989 * Donald Gelling, 1989-1996 *Walter Gilbey, 1996-1999 *Phil Braidwood MHK, 1999-2001 * Alan Crowe MLC, 2001-2003 * Rosemary Penn, 2004-2012 * Geoff Karran, 2012-2015 ;IOMFSA *Geoff Karran, 2015-2018 *Lillian Boyle, since 2018 References External links * Economy of the Isle of Man Government of the Isle of Man Isle of Man ) , anthem = "O Land of Our Birth" , image = Isle of Man by Sentinel-2.jpg , image_map = Europe-Isle_of_Man.svg , mapsize = , map_alt = Location of the Isle of Man in Europe , map_caption = ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Registered Agent
In United States business law, a registered agent (also known as a resident agent, statutory agent, or agent for service of process) is a business or individual designated to receive service of process (SOP) when a business entity is a party in a legal action such as a lawsuit or summons. The registered agent's address may also be where the state sends the paperwork for the periodic renewal of the business entity's charter (if required). The registered agent for a business entity may be an officer or employee of the company, or a third party, such as the organization's lawyer or a service company. Failure to properly maintain a registered agent can affect a company negatively. Services provided Most businesses are not individuals but instead business entities such as corporations or limited liability companies (LLCs). This is because there are substantive (and substantial) liability protections as well as tax advantages to being " incorporated" as opposed to being "self-em ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Isle Of Man
) , anthem = "O Land of Our Birth" , image = Isle of Man by Sentinel-2.jpg , image_map = Europe-Isle_of_Man.svg , mapsize = , map_alt = Location of the Isle of Man in Europe , map_caption = Location of the Isle of Man (green) in Europe (dark grey) , subdivision_type = Sovereign state , subdivision_name = United Kingdom , established_title = Norse control , established_date = 9th century , established_title2 = Scottish control , established_date2 = 2 July 1266 , established_title3 = English control , established_date3 = 1399 , established_title4 = Revested into British Crown , established_date4 = 10 May 1765 , official_languages = , capital = Douglas , coordinates = , demonym = Manx; Manxman (plural, Manxmen); Manxwoman (plural, Manxwomen) , ethnic_groups = , ethnic_groups_year = 2021 , ethnic_groups_ref = Official census statistics provided by Statistics Isle of Man, Isle of Man Government: * * , religion = , religion_year = 2021 , relig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Registered Office
A registered office is the official address of an incorporated company, association or any other legal entity. Generally it will form part of the public record and is required in most countries where the registered organization or legal entity is incorporated. A registered physical office address is required for incorporated organizations to receive official correspondence and formal notices from government departments, investors, banks, shareholders and the general public. In the United Kingdom In the United Kingdom, the Companies Act 2006 requires all companies to have a registered office. Documents may be served on companies by delivery to the registered office address as recorded at Companies House. A registered office address is required for incorporated organizations to receive official correspondence and formal notices from government departments, investors, banks, shareholders and the general public. The registered office address does not have to be where the organizat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unlimited Company
An unlimited company or private unlimited company is a hybrid company (corporation) incorporated with or without a share capital (and similar to its limited company counterpart) but where the legal liability of the members or shareholders is not limited: that is, its members or shareholders have a joint and several non-limited obligation to meet any insufficiency in the assets of the company to enable settlement of any outstanding financial liability in the event of the company's formal liquidation. Characteristics The joint and several non-limited liability of the members or shareholders of such an unlimited company to meet any insufficiency in the assets of the company (to settle its outstanding liabilities if any exist) applies only upon the formal liquidation of the company. Therefore, prior to any such formal liquidation of the company, any creditors or security holders of the company may have recourse only to the assets of the company, not those of its members or sharehol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
