Differentiate between a registered company and statutory company.(2 marks)June/July 2020
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A registered company is a type of business that is registered with a government agency, such as the Companies House in the United Kingdom or the Securities and Exchange Commission in the United States. A registered company has a legal identity separate from its owners, and is required to follow certain rules and regulations in order to maintain its legal status.
A statutory company, on the other hand, is a type of company that is created by a special act of parliament or legislature. A statutory company is formed for the purpose of carrying out a specific public function, and is often controlled by the government or a public body. Statutory companies are not required to follow the same rules and regulations as registered companies, as they are typically exempt from certain legal requirements.