Companies Act 2014 section 1264

Definitions (Chapter 5)

Section 1264 defines two key terms used throughout Chapter 5: "designated ULC" and "non-designated ULC", which determine the financial reporting obligations that apply to different types of unlimited companies.

• A "designated ULC" is a specific category of unlimited company as defined in section 1274, which deals with exemptions from delivering financial statements with the annual return.
• A "non-designated ULC" is simply any unlimited company that does not fall within the designated ULC category.
• The distinction between the two types of ULC is important because it determines whether the company must file its financial statements publicly with its annual return.
• These definitions apply throughout Chapter 5, which governs financial statements, annual returns and audit requirements for unlimited companies.