ABSTRACT
QUESTiON 41 Arts and Crafts Ltd is a small company which runs a pottery painting studio. Until incorporation, the business was run as a partnership. The directors are Fiona and Natasha who own, between them, 51% of the shares. Given that their plan is to keep the company small and to concentrate on commercial activities, they seek your advice on whether it is necessary for the company to comply with the annual provision of an audit, accounts and reports and whether it is necessary to hold company meetings.
