Unlisted UK companies and all LLPs registered in the UK should have in place a register of all people who have significant control over them (the "PSC Register").
PSC Register: What is a relevant legal entity?
A PSC is by definition an individual, and not a legal entity. What if your company is owned or controlled by a legal entity, and not an individual?
What does your company do? New information required for company formations
In addition to providing information about People with Significant Control, from 30th June 2016, for the first time, company applications to Companies House will also have to include information about the intended business activity of the new limited company.
Who controls your company? New information required for company formations
Since 30th June 2016 businesses planning to register a new limited company need to provide Companies House with information about the people who will have control over the company to be incorporated (People with Significant Control or PSCs).
Payment practice reporting for large companies
Certain large companies and LLPs are now obligated to build several website disclosures into their reporting timetables, including that of payment practices.
Naming and shaming for late payments (Part 1)
One of the lesser known elements of the Small Business, Enterprise and Employment Act 2015 (SBEEA) is an initiative aimed at breaking the widespread culture of chronic late payments to suppliers by larger companies.
Naming and shaming for late payments (Part 2)
Section 3 of the Small Business Enterprise and Employment Act 2015 (SBEEA) has placed a duty on large companies and LLPs to report on their payment practices. The intent of this legislation is to give a helping hand to suppliers (who are often small businesses) to successfully retrieve payment from large companies and LLPs.
Initial People with Significant Control - confusion reigns
Following the introduction of the requirement to identify the initial People with Significant Control (“PSC”) on incorporation of a UK company, which came into force on 30 June 2016, it appears the legal fraternity is more than a little confused over the limited choice of PSC statements that Companies House will accept on incorporation.
Are there any exceptions to the PSC Register?
The short answer is yes. But let’s look a little deeper. Who should not be added? It is a statutory obligation for UK companies and Limited Liability Partnerships (LLPs) to maintain a PSC Register. However, as with most legislation there are exceptions.
Changes to the Annual Return: Out with the old, in with the new
Under section 92 of the Small Business Enterprise and Employment Act 2015 (SBEEA), from 30 June 2016 the annual return that we are all familiar with is replaced with a ‘Confirmation Statement’.