Can IRIS create Companies Limited by Guarantee?

Article ID

ias-12211

Article Name

Can IRIS create Companies Limited by Guarantee?

Created Date

11th December 2015

Product

IRIS Accounts Production

Problem

Can IRIS create Companies Limited by Guarantee?

Resolution

Companies Limited by Guarantee can be produced in Accounts Production, a Limited Company can be set up as normal and the screens for Shareholdings and Share Capital are simply not completed. The main difference between a Normal Company and that Limited by Guarantee is the absence of shares. The ‘Directors’ report’ will show the directors’ and disclose that they hold ‘no beneficial interest’.

If any further disclosure is required it can be entered in the Data Screens.

Select Edit | Data Screens | Report of the Directors | Directors | Directors Information Enter the additional information in the ‘Additional/replacement text’ box. A ‘Called up Share Capital’ note will NOT be produced as NO shares will be posted.

If a note is required for any disclosure, a Freeform Note will need to be entered.

Select Edit | Data Screens | Notes to Financial Statements | Freeform Notes | Freeform Note 1 The business name may also need to include that the company is ‘Limited by Guarantee’ as well. Select Client | View Click Edit names option Enter the Business name again on the ‘Full business name’ field and enter ‘Limited by Guarantee’ on the second or third line. Note: Any other disclosures such as changing the title of ‘Directors’ or adding extra reports will need to be done by passing the report to word processor and adjusting manually. Some not for profit organisationes require further alterations regarding the wording profit/loss, this can be done once the report has been sent to Word. For information on sending a file to word processor select Help | Help topics | Fact Sheets | Sending a file to MS Word

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