As detailed at D3.102, the definition of a close company hinges on several key concepts – namely control, participator, associate and director – all of which are discussed below.
Control for close company purposes
For the purpose of the close company legislation, a person is treated as having control of a company1 if they exercise, or is able to exercise or is entitled to acquire, direct or indirect control over the company's affairs. A person is treated as being entitled to acquire anything which they are entitled to acquire at a future date or will at a future date be entitled to acquire2.
In particular, a person, or two or more persons have control if they possess, or are entitled to acquire:
- Ìý
•ÌýÌýÌýÌý the greater part of the share capital or issued share capital of the company3
- Ìý
•ÌýÌýÌýÌý the greater part of the voting power in the company
- Ìý
•ÌýÌýÌýÌý so much of the issued share capital of the company as would entitle
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Web page updated on 17 Mar 2025 17:24