When is a company a subsidary
The shareholders of our client company sold 70% of the shares to an overseas company in the last financial year just finished. Previously the company was audit exempt small company and would have been in this last year. Is the company now considered to be a subsidary of the overseas company and part of group that will need audit or because it is not wholly owned is still classed as an independant company?
Many thanks for reading and for any answers given.
John
- nominal value of shares 11 1
- sales invoice date 10 1
- Starting up in Practice 1,552 62
- People working over 65 1,527 26
- Tax Return 2012/13 UK Property 189 17
Of course, it is a subsidiary