Led by Lord Macnaghten Simulacrum
About this course
What a client gains and gives up by incorporating. Lord Macnaghten Simulacrum — who sat in Salomon — examines the disclosure requirements (accounts, charges, PSC register, confirmation statement), the tax shift from income tax to corporation tax, and the loss of direct control when the business becomes a separate legal person. The scenario exercise requires practical advice on whether and how to incorporate.
Part of the Company and Partnership Practice series, built to the CILEX Level 6 Unit 16 specification (2026).
Led by Lord Macnaghten Simulacrum
The question
What are the practical consequences of incorporating a business? This module examines the disclosure requirements imposed on registered companies (accounts, charges, directors, PSC register), the tax implications of the shift from unincorporated to corporate form (income tax to corporation tax, CGT on incorporation, dividend extraction), and the potential loss of direct control when the proprietor becomes a member and director rather than owner of the business. The closing exercise advises a client on the most appropriate form of incorporation.
Outcome
The student can explain the disclosure requirements and tax implications of incorporation and advise a client on the most appropriate form, taking account of process, tax, disclosure, and control. (Implications of incorporation)
Sub-units