Click here to learn more about our revolutionary app or download directly from one of the sources below.
When used together, the P&L statement, balance sheet, and cash flow statement provide an in-depth look at a company’s financial performance.
The P&L or ‘income statement’, like a cash flow statement, shows changes in accounts over a set period of time. The balance sheet, on the other hand, is a snapshot, showing what the company owns and owes at a single moment.
[See ‘Balance Sheet’.]
A Promissory Note is a legal instrument (more particularly, a .nancial instrument), in which one party promises in writing to pay a determinate (certain and specified) sum of money to the other (the payee) … … either at a .xed or determinable future time or on demand of the payee, under speci.c terms. If the Promissory Note is unconditional and readily saleable, it is called a ‘Negotiable Instrument’.
A Promissory Note is usually non-transferrable, being a contract just between the original parties.
[See ‘Negotiable Instrument’.]
A person who sets up a company, gathering information and registering it with Companies House is called a ‘promoter’.
Some sections in the Insolvency Act 1986 and Insolvency Rules 2016 make reference to … ‘a person involved in the promotion, formation or management of a company’; for example, section 212 Insolvency Act 1986 says that such a person may be made responsible for a misfeasance and be liable to make a compensatory contribution towards the assets of an insolvent estate.
[See ‘Formation’, ‘Misfeasance’, ‘Insolvency Act’ and ‘Insolvency Rules’.]
