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1931-2004 Act Companies
These companies fall under the legislation of the Companies Acts 1931 to 2004 and permit a wide range of differing company types:
Company Limited by Shares
This is probably the most popular form of Isle of Man company, which means that the company has shareholders with limited liability to creditors of the company to be limited to the amount unpaid on shares.
Guarantee Company
A guarantee company does not have a share capital and therefore no shares but has members who are guarantors instead of shareholders with the liability to the members limited by the memorandum to such amount as the members may undertake to contribute to the assets of the company in the event of it being wound up.
Company Limited by Guarantee and Having a Share Capital "Hybrid Company" / "The Manx Foundation"
A hybrid company is a company which is limited by guarantee and which has a share capital and is often used as an alternative to a trust.
Protected Cell Company
This type of company permits it to be limited by shares and regarded as a single legal entity in its own right. However a PCC has the ability to segregate and protect its assets in separate cells. A PCC formed under the 1931-2004 Act only permits its use for insurance business or for certain types of collective investment schemes.
Unlimited Company
This type of company has no limit to the liability of the members and is used occasionally where a company formation is desirable but due to the nature of the assets held, the potential liability is not considered vital.
Public Company (PLC)
A public company may offer its shares or debentures for sale to the general public.
Limited Liability Company (LLC)
A Limited Liability Company (LLC) is a separate legal entity although existing with a membership structure and taxed in a similar manner to that of a partnership.
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For more information please feel free to contact Lee or Michelle or call 00 44 (0)1624 612888.