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SEQUESTRATION - (Scottish) Award of sequestration is a legal process
for dealing with individuals who are unable or unwilling to pay their debts.
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SHARES - documents entitling their holders to proportionate ownership
of a company.
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SHARE CAPITAL - this represents the ownership of the company. Distinguished
between nominal (authorised) and issued share capital.
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SLEEPING PARTNER - a partner in a firm who has contributed capital
to the business but take no active part in its day-to-day activities.
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SMALL COMPANY - companies satisfying two of three criteria, namely:
Turnover not exceeding £2.8 million; Balance Sheet Total (net worth) not
exceeding £1.4 million; and number of employees not exceeding 50. An abbreviated
Balance Sheet is required but no profit and loss account needs to be filed.
It must be remembered that just because a company qualifies for "Small"
company status does not mean that they must file "Small" accounts
- they can and often do file "Full" accounts.
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SOLE PROPRIETOR (SOLE TRADER) - a person engaged in a business venture
on his/her own. One owner.
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STRIKING OFF NOTICE - as a result of a voluntary application or the
non-filing of company documents, a company can be struck off the register and
dissolved by the Registrar of Companies.
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SUBSIDIARY - a company where in excess of 50% of its ordinary share
capital is owned by another company.
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