Thanks, but going back to your original question, the choice of directors will depend on the purpose of the sub, and may be affected by the rationale for choosing a CIC over a normal share company which you have not yet shared...
Aren't the financial liability and the physical asset both contingent liabilities/assets at the BS date and to be reported as such? (The 'uncertain future event' is the delivery of the ship which is outside the purchaser's control)
Contingent liability:
a possible obligation depending on whether some uncertain future event occurs, or a present obligation but payment is not probable or the amount cannot be measured reliably
Contingent asset:
a possible asset that arises from past events, and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.
They can't buy the company as it doesn't have shares, but they can buy its assets (or receive them as a donation) if that's acceptable to the members of the gtee company.
If I were one of your trustees, I would want some assurance from the auditors that they are ok with your proposal. Very odd for an audit partner (if that is what you mean by 'the charit's accountant') to leave without some handover within the firm...
I go to festivals that involve camping, unsanitary toilets, deafening music and poor decisions made at 3 in the morning. But I won't go to Birmingham...
The latter. if you are not qualified to advise your client, it's in both your interests to point them at someone who is
There may be case law or changes to statute that overlap the gaps in the articles. My favourite lawyers often start discussions about company/charity actions by asking 'and do you have the power to do that'...
My answers
Thanks, but going back to your original question, the choice of directors will depend on the purpose of the sub, and may be affected by the rationale for choosing a CIC over a normal share company which you have not yet shared...
Aren't the financial liability and the physical asset both contingent liabilities/assets at the BS date and to be reported as such? (The 'uncertain future event' is the delivery of the ship which is outside the purchaser's control)
Contingent liability:
a possible obligation depending on whether some uncertain future event occurs, or a present obligation but payment is not probable or the amount cannot be measured reliably
Contingent asset:
a possible asset that arises from past events, and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.
If 'he is seet up as a sole trader' and 'the trade is rescuing dogs' what are the income streams that fund it?
They can't buy the company as it doesn't have shares, but they can buy its assets (or receive them as a donation) if that's acceptable to the members of the gtee company.
Both entities may need legal advice
If I were one of your trustees, I would want some assurance from the auditors that they are ok with your proposal. Very odd for an audit partner (if that is what you mean by 'the charit's accountant') to leave without some handover within the firm...
I go to festivals that involve camping, unsanitary toilets, deafening music and poor decisions made at 3 in the morning. But I won't go to Birmingham...
+1 for this, definitely can have multiple users in one document simultaneously and it plays nicely with outlook
If the shares haven't been transferred, can't the deceased's executor (as personal representative) appoint a new director?
Ask the lawyer...
Is it too late to make a declaration? They can cover donations up to four years before they are made...
The latter. if you are not qualified to advise your client, it's in both your interests to point them at someone who is
There may be case law or changes to statute that overlap the gaps in the articles. My favourite lawyers often start discussions about company/charity actions by asking 'and do you have the power to do that'...