Company law is full of confusing terms, and if you don’t know what they mean then settung up a company can start to look far more scary than it really should be. Read through this jargon buster and you should find it much easier to understand what starting up is all about.
Capital. This is money that is going to be invested in a business. Example: ‘I am starting my business with $5,000 capital, $2,000 of which is my own’.
Contract. When you sign a legal document, you are entering into a contract. Starting a business lets you sign and enter into contracts on behalf of the business — the contract will be between the other person and your company, not you.
Director. The people ultimately in charge of a company are its directors. For a large company, there will be a boards of directors, appointed by the shareholders. For a home business, though, you can appoint yourself as the sole director since you are also the sole shareholder (see ‘shareholder’).
Incorporation. This is the formal name for the process of starting a company. Example: ‘My business was incorporated in March 2000’.
Insolvency. When a...
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