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Company Limited by guarantee

Subscribers

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http://www.accaglobal.com/zm/en/technical-activities/technical-resources...

I believe that companies limited by guarantee have subscribers rather shareholders.

Reading the mem & Arts i find that there are 4 subscribers when the companywas formed. 3 of the 4 have moved on (possibly dead).

questions

1- I know that in my case they only guaranteed £1 each, but does the company need to find replacement subscribers

2- If so do we need to file anything at companies house to say exchange in subscriber / Guarantor

Replies (4)

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By SkyBlue22
06th Jun 2017 16:40

What does the company do? If it's a charity then I believe the Charity Commission's suggested number is 3, otherwise the minimum is 1.
Have you looked to see what the articles of association say is the minimum number of members?

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By floggy
06th Jun 2017 17:24

its a bit weird.
it was a charity when created then, cancelled the charity status and began 'trading for a profit'.
last year had a distribution from reserves to the one remaining subscriber.
hasten to add, not my client.

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RLI
By lionofludesch
06th Jun 2017 17:54

Always a bit of a cloudy situation for me. Paying a subscription would help identify members but it's all airy-fairy.

"Subscribers" are the folk who set up the company. "Members" are the current owners who may or may not also be shareholders.

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Jennifer Adams
By Jennifer Adams
06th Jun 2017 19:07

Such companies have subscribers. You might be interested in this article: Companies Limited by Guarantee https://www.accountingweb.co.uk/business/finance-strategy/companies-limi...
You dont have to find replacement subscribers and the company filings are the same as for a company limited by shares.

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