MAG membership - NOT a dig at MAG

[Doro]

Erm... As said previous, a MAG member becomes a part owner of MAG (UK) Limited, in turn liable for the princely sum of one english pound if it was to go tits up! These people have to be recorded. Simple as that...

It's all to do with Voting at MAG's Annual General Conference and AGM, as in the members who get to decide on MAG's policy - they are the 'shareholders' of MAG (UK) Ltd.


ok so this arose in 'the other thread' but I just thought I'd seek clarification

when I decided to join MAG I genuinely thought it was a political support group who campaign for bikers' rights.

I thought I'd send in my subs and the money would be used for campaigns etc

and I believe they do a damn fine job and need our support

I thought it was just a group similar to NABD etc where being a member meant I'd pay subs and maybe get benefits from being a member

but when Mitch put that stuff up about being liable etc I wondered what the feck he was on about

can someone (he he I mean mitch *grin*) explain what that means? I'm not a business person, I have no idea what a Ltd company is or anything else, and I looked on the web site and can't see any reference to being liable if the company goes tits up - I thought I was joining a group not a company - HELP

sorry for being thick ;)

is there a way I can join MAG without being part of the company?

[Mad Liz]

Your liability in the event of bankruptcy is limited to £1, IIRC, so no need to panic.

[Mitch]

I had mentioned the sum of one english pound earlier in that particular thread, but no worries... :D

[Doro]

are there other implications hon?

[Abb]

No, MAG UK Ltd are a limited liability company. Their Articles of Incorporation state that all members become shareholders. UK Law states that all shareholders of a company are liable for their initial stake or amount they invest in 'shares' - £1 in this case. In the event of the Company going into receivership, the shareholders effectively walk away scot-free having already paid up their share value.

This law was originally passed to assist the small business person who did not want to lose their house etc in the event of a business folding.

The only people who could be liable for further action are the Directors, and only then if it is possible to show that they have been of fraudulent trading practices.

So, us MAG shareholders are safe.

[Doro]

I wasn't panicking - just wondering cos I couldn't see any mention of it on the website or the application form

[Santa]

But you're not going to join! I thought they'd offended you and Gypsy by not believing your names. Don't say that after 19 pages of circular arguement you've changed your minds :confused: ! :D

[Doro]

santa you is stirring it you bad boy - I was asking cos when we tried to join we didn't know this :D :D

[Santa]

Who? Moi? :D :D

[Abb]

It's not on the web site because it really isn't that important - it's really only a way of allowing a private organisation to have 'members' and retain limited legal liability.

[technoboiler]

ooooooooooooo
duz that mean as shareholders we gat a cut of any profits? :p

[Mitch]

ooooooooooooo
duz that mean as shareholders we gat a cut of any profits? :p
Sorrrreeeeeee, but no as it's a non-profit company (hence being Limited by Guarantee instead of by Shares). Anything that is made is invested back into MAG.

Even Directors don't get a penny out of it. We do it all for the cause.

[technoboiler]

oh well worth a try,,,,lol
need funds to fix my rd :D and my baby blade :o

[Jay]

oh well worth a try,,,,lol
need funds to fix my rd :D and my baby blade :o
Whats wrong with them then?

[100%Pat]

Like everything else that comes into contact with Techno.... they've been well and truly fecked.... :D

[Spike]

Nice come back Pat LMFAO !! :D

[technoboiler]

Like everything else that comes into contact with Techno.... they've been well and truly fecked.... :D
ohhhhh you know me soooooooooo well,,,,pmsl

rd having total engine rebuild and baby blade needs ignighter box methinks

[oncer]

Blimey, pity the spin dryer, that must be well worn!

[technoboiler]

Blimey, pity the spin dryer, that must be well worn!
never needed the extra imput m8
young boys work better :p

[oncer]

I meant for washing all the undies. . .What did you mean (snigger snigger) :D

[100%Pat]

They dont get dirty.... she never keeps them on long enough.... :D

[technoboiler]

whats undies?















oh u mean those kinky little numbers i wear just for sex!,,,


they get cleaned another way! :D

[technoboiler]

They dont get dirty.... she never keeps them on long enough.... :D
pmsl
even cola got a shock when he delved into the abyss ;)

[oncer]

Of course, eadible undies, sounds like a whole lot of fun!

[100%Pat]

pmsl
even cola got a shock when he delved into the abyss ;)


She even corrupted my poor little dog! :D

[technoboiler]

She even corrupted my poor little dog! :D
nothing is safe
i am WOMAN! ;)

[cxdemon]

And i thought she looked so sweet n innocent too! just goes to show don't it :eek: :p

[technoboiler]

And i thought she looked so sweet n innocent too! just goes to show don't it :eek: :p
obviously didnt go to spek savers :p

[Creature]

so if ive read this thread correctly :cool: :confused:

if mag ltd (does this inlude map ltd ?) go tits up then everybody has to pay £1.00 ????????? or if ive read it even more (confused) you dont pay the pound as its already been paid ???????????

as for not being important - I belive that this is very important to many people..... some mya consider joining mag but dont want to be a share holder - others may have an issue if you tried to claim this money...

im even more confused now

[Gypsy]

some mya consider joining mag but dont want to be a share holder



like me....doro

[Mitch]

so if ive read this thread correctly :cool: :confused:

if mag ltd (does this inlude map ltd ?) go tits up then everybody has to pay £1.00 ????????? or if ive read it even more (confused) you dont pay the pound as its already been paid ???????????

as for not being important - I belive that this is very important to many people..... some mya consider joining mag but dont want to be a share holder - others may have an issue if you tried to claim this money...

im even more confused now

£1!!!! FFS, it doesn't even get you half a pint of beer (unless you live in Yorkshire - you lucky bastards back home!!! :D) As has been explained numerous times - that unless you're a Director - £1 is all you will be liable for under Companies House Rules as MAG (UK) Ltd is a Limited Liability Company (Creature See Me after Class!!! Either that or read Abb's post above :rolleyes: )

MAG (UK) Ltd does not include MAP (which is MAGic Action Promotions Ltd).

[Creature]

yes headmaster - :)

[BikerGran]

Well I'm a MAG member and have been for years and I read Streetbiker but I don't understand this MAP thing at all, don't think it's been properly explained, neither has the £1 business - maybe you could do an explanatory thingy in thew next issue for confused peeps who don't understand. I mean a piece that just explains it without trying to convince us all how wonderful it is, cos when it was in the mag before it read like a PR hype!

[Shade]

Right, listen up, this is really fuckin simple.

MAG is a limited company. Every member that joins gets a £1 share in the company. This is your total cut and liability for the company.

If the company goes tits up, your share is now worthless. You do not have to pay anything else. The share that you had, which was in theory worth £1, is now worth 0. So you have "lost" £1.

If you were rich, you could declare that you had a £1 share in the company called MAG, but what's the feckin point?

MAP is a seperate company. It is fuck all to do with you lot, so forget about it. Just like the shareholders of IBM don't give a toss if Nescafe goes bust, it means nothing to you as a MAG member if MAP goes bust.

So sit back and relax, all the scary stuuf that has been raised, and the questions that haven't been answered very well mean feck all to the lot of you.

It's a business thing, it keeps accountants happy, and you don't have to worry your little heads about it.

You will not receive any profits
You do not have to declare it in a tax return
The VAT man wont come and get you over it
It is not liable for inheritance tax.
Your spouse can't claim it in a divorce
It is not liable for tax
It won't cost you anyhting.

Now go and get me a beer, this typing is thirsty work

Shade
ex-accountant

[Mitch]

Well I'm a MAG member and have been for years and I read Streetbiker but I don't understand this MAP thing at all, don't think it's been properly explained, neither has the £1 business - maybe you could do an explanatory thingy in thew next issue for confused peeps who don't understand. I mean a piece that just explains it without trying to convince us all how wonderful it is, cos when it was in the mag before it read like a PR hype!
AS shade's answered this one, my post gets trashed -

The best people to explain both would be Companies House (http://www.companieshouse.gov.uk/infoAndGuide/faq/generalDocQ.shtml) as it's delving into Company Law then again...got a letter from them today, reminding me of my responsibilities as a Director :sheesh:

[Mitch]

Right, listen up, this is really fuckin simple.

MAG is a limited company. Every member that joins gets a £1 share in the company. This is your total cut and liability for the company.

If the company goes tits up, your share is now worthless. You do not have to pay anything else. The share that you had, which was in theory worth £1, is now worth 0. So you have "lost" £1.

If you were rich, you could declare that you had a £1 share in the company called MAG, but what's the feckin point?

MAP is a seperate company. It is fuck all to do with you lot, so forget about it. Just like the shareholders of IBM don't give a toss if Nescafe goes bust, it means nothing to you as a MAG member if MAP goes bust.

So sit back and relax, all the scary stuuf that has been raised, and the questions that haven't been answered very well mean feck all to the lot of you.

It's a business thing, it keeps accountants happy, and you don't have to worry your little heads about it.

You will not receive any profits
You do not have to declare it in a tax return
The VAT man wont come and get you over it
It is not liable for inheritance tax.
Your spouse can't claim it in a divorce
It is not liable for tax
It won't cost you anyhting.

Now go and get me a beer, this typing is thirsty work

Shade
ex-accountant

Beer comin' over!! :D
It's amazing how many times you explain this stuff, folk don't understand and keep asking the same questions

[Jay]

Beer comin' over!! :D
It's amazing how many times you explain this stuff, folk don't understand and keep asking the same questions
We are just the silly common folk !

[Shade]

Beer comin' over!! :D
It's amazing how many times you explain this stuff, folk don't understand and keep asking the same questions

It's how you explain it mate.

As long as you can reassure them that it is only an exercise for the bean counters and the lawyers, and it means fuck all to them and won't cost em a penny they should be ok.

Now go shag yer missus or summat, yer job here is done :D

[Mitch]

It's how you explain it mate.

As long as you can reassure them that it is only an exercise for the bean counters and the lawyers, and it means fuck all to them and won't cost em a penny they should be ok.

Now go shag yer missus or summat, yer job here is done :D

Thankew! I'd love to mate. Sadly, she's at work tonight. Came home with bunch of flowers and a bottle of sparkly stuff to celebrate her exam results and all :( (neither of us are working Friday though!!!)

[Shade]

Came home with bunch of flowers and a bottle of sparkly stuff

Ya big poof

Why wasn't yer dinner on the table when ya got in!?!?

They'l be wantin the fuckin vote next

[BikerGran]

MAP is a seperate company. It is fuck all to do with you lot, so forget about it. Just like the shareholders of IBM don't give a toss if Nescafe goes bust, it means nothing to you as a MAG member if MAP goes bust.

Yes but what the hell is it????????????????????????????????

[Shade]

Which part of "it's fuck all to do with you" didn't you understand?

Get back to yer knitting and leave the fuck alone.

[oncer]

MAP Ltd or Magic Action Promotions Ltd is a company set up by the organisers of the Farmyard Party and Yorkshire MAG. It was set up to protect MAG UK and the organisers from any liability if the Farmyard went tits up.

[BikerGran]

MAG (UK) Ltd does not include MAP (which is MAGic Action Promotions Ltd).

Well pardon me for living but I didn't start it, it was Mitch who brought MAP into the discussion, and as for it's how you explain it - you could be right but your explanation's crap!

[Shade]

Well pardon me for living

No


but I didn't start it, it was Mitch who brought MAP into the discussion,

Thought the school playground was a long time in your past?

you could be right but your explanation's crap!

My explanation is fine. MAP is fuck all to do with you or anyone not concerned. It is a seperate company that has nothing to do with MAG. End of story. Finis. Go home, the credits have finished. There are no DVD extras or outakes.

If you really need to know, which you don't, it is an accounting exercise to make sure that the financials of MAG are not touched by anything that happens at the FYP or any other event run by MAP. It keeps the money seperate. If the FYP goes tits up, like it did this year, MAG does not have to give a **** financialy, and neither do its members as the whole thing is run seperately.

It is of no concern to you. It's a legal way of seperating the money. That is all.

There is nothing to see hear, go back to your homes.

Mine's a pint.

[BikerGran]

it is an accounting exercise to make sure that the financials of MAG are not touched by anything that happens at the FYP or any other event run by MAP. It keeps the money seperate. If the FYP goes tits up, like it did this year, MAG does not have to give a **** financialy, and neither do its members as the whole thing is run seperately.

Thankyou for that. You could have just said that in the first place, but I suppose you're male.

Are you connected with MAG Shade? I mean are you involved with running it, or just a member same as I am?

[Mitch]

it was Mitch who brought MAP into the discussion
Actually, it was Creature! It all came from the Farmyard and how that relates to MAG nationally.

[Doro]

my my I am shocked at the tone of your posts shade, time of the month is it? or a deliberate attempt to stop us all being fluffy? it won't work tho haahahahahahahah *manic laughter*


you can't kill the fluffies :D


is it just me or is shade starting to sound like someone off another forum??

I'm sure he used to be just as fluffy as us :(


btw in case you hadn't realised shade was our 2nd sword bearer at the wedding ie the one who wasn't stevie

good to see you here matey, now where's diesel? :D

[Abb]

It's a business thing, it keeps accountants happy,

Indeed it does.

Abb
Happy.

[Abb]

is it just me or is shade starting to sound like someone off another forum??

We are moulding him well.

[Doro]

that's what I thought :D

but who do you reckon I mean?

:cool:

shade is getting righteous lol

[Abb]

To clarify the position between MAG UK Ltd and M A P Ltd.

Under UK law, Limited Liability Companies exist, for legal purposes, as people. Therefore, the law recognises MAG UK Ltd and MAP Ltd as two separate 'people' (legal identities). As such, both an be sued or prosecuted etc. Now, think of them as people. If one person dies, it does not affect the other person, they do not die etc.

[Abb]

shade is getting righteous lol

He will only gain righteousness if he buys Loonys XJR.

[Doro]

btw folks, I mainly raised this question because



nowhere on MAG's website or on their application form does it mention any of this, so it's only £1, I still think we should be made aware of it

and any other organisation

but I guess

'let the buyer beware'


(waits for abb to tell me what it is in latin - caveat empor or summat lol)

:D

[Doro]

He will only gain righteousness if he buys Loonys XJR.

so I heard last night :D

[Abb]

(waits for abb to tell me what it is in latin - caveat empor or summat lol)

:D

Yep. But, I believe it is in the constitution.

[quoute]2.C.xiii. Individual members shall, upon acceptance of their application, be deemed to accept individual liability for the debts of the group. Such individual liability shall be limited to £1 and shall cease upon termination of membership.[/quote]

So they are not hiding anything, it's just people tend not to read small print.

[STEViE]

We are moulding him well.
Mouldy Shade. Eeeeeewwww !!! [:{)>

[Doro]

is that on their webpage Abb?

cos I did look for small print before raising this question, especially looked in the 'join us now' area

[Abb]

Yep, on the website under Members/Democracy/constitution

[technoboiler]

i also find shades posts very abrasive
i think you should appologise to BG mr shade and have a bit respect darlink!

[Abb]

i also find shades posts very abrasive
i think you should appologise to BG mr shade and have a bit respect darlink!

Apologise to no-one Shade. It's not your fault people are too dumb to understand what is put infront of them.

[Doro]

Yep, on the website under Members/Democracy/constitution

thanks abb I shall look more closely next time, I have been known to be a bit myopic at times, also dogmatic - though I had to look that up in the dictionary age 10 - and still couldn't work out if it was a good thing or not :D

[Shade]

i also find shades posts very abrasive
i think you should appologise to BG mr shade and have a bit respect darlink!

I don't care what you think.

[Shade]

my my I am shocked at the tone of your posts shade, time of the month is it?

Red wine, a few beers, and little patience.

[BikerGran]

Ah, that's the problem, you should never mix red wine with beer! Doesn't do your little tum-tum any good.

Doro, Shade doesn't have to apologise - he's a mere male isn't he?

And BTW I thought he sounded suspiciously like someone from another forum, but I think it was a different someone and a different forum from what you were thinking of!

;)

[Mitch]

Ah, that's the problem, you should never mix red wine with beer! Doesn't do your little tum-tum any good.

Doro, Shade doesn't have to apologise - he's a mere male isn't he?

And BTW I thought he sounded suspiciously like someone from another forum, but I think it was a different someone and a different forum from what you were thinking of!

;)

All's Cool Bobbi! :D (ain't it Shade?) :D

[Alice]

[QUOTE= BTW I thought he sounded suspiciously like someone from another forum, but I think it was a different someone and a different forum from what you were thinking of!

;)[/QUOTE]


OH NO........you don't mean there's more of them out there do you :rolleyes:

[Jonnyfp]

Can u smell a hangover comin on? :D

[Mitch]

Can u smell a hangover comin on? :D
A bit like the ones me and Mrs R have got this morning!!!!! (celebrating her exam results :D )

[Maggie B]

thanks abb I shall look more closely next time, I have been known to be a bit myopic at times, also dogmatic - though I had to look that up in the dictionary age 10 - and still couldn't work out if it was a good thing or not :D

You had to look "that" up in the dictionary?
What kind of school did they send you to??


Tsk...
education today ;)

[zeddman]

is it just a figment of my imagination................or is the 'pickyness' of people in this day n age startin to get readiculos...........like bloodiehell ,MAG couldent spell my wife's name at all...........................is this the end of the world :(

[Creature]

MAG couldent spell my wife's name at all


not sure why you posted this on here, surely a quick polite phone call would soon rectify.

easy mistake probally made and just as easy to rectify.after all if your bank had got details wrong you wouldnt post on a forum - you'd be straight on the phone (unless they stuck a few grand in ya account that shouldnt be ther :) )

[Creature]

ah ok

Mitch is it me or are your posts not showing on this thread ?????

got email saying u posted but no post there ???? last visable post by you "Yesterday, 06:35 AM "

[Shep]

And BTW I thought he sounded suspiciously like someone from another forum, but I think it was a different someone and a different forum from what you were thinking of!;)


Aha! Now I understand!
On five bike forums there are six people posting under two hundred different names!
I thought everyone sounded similar!







Oops! The paranoia is showing again :eek: .....time for my sedative. :cool:

[Shade]

Red wine, a few beers, and little patience.

Back to the top for Johnny.

I never said I was pissed, just that I had a drink.

[technoboiler]

i am surprised you want to bring this back to the top shade, considering how abrasive u were :rolleyes:

never mind,,, as long as BG dont mind then fine

[minxy]

pmsl

techno getting on her high horse about folk bein 'abrasive' ... ;) you really are a card aint ya chick :p

[Shade]

Thats because you think it is something I should be ashamed of, whereas I don't.

[Abb]

That's like the Pot calling the Kettle a negro.

[technoboiler]

pmsl

techno getting on her high horse about folk bein 'abrasive' ... ;) you really are a card aint ya chick :p
yes hon i am
aincha noticed i always give respect where it is due
i am oppinionated but not abrasive,,,,i dont tell ppl to fk off just coz they want something they are not quite sure of clarified!

anyhoo,,, i am gonna have to iggy a cpl peeps to save my temper,,,,,lol

[technoboiler]

oh i see
come on then u lot start ya witch hunt on me again,,,,,just like bikersweb eh!

[Shade]

oh i see
come on then u lot start ya witch hunt on me again,,,,,just like bikersweb eh!

Don't flatter yourself.

[Abb]

oh i see
come on then u lot start ya witch hunt on me again,,,,,just like bikersweb eh!

Which hunt? Naw, your too much fun to persecute. It is good fun to wind you up though K.

You going to the Rusty Nuts btw?

[Abb]

Don't flatter yourself.

Is it your time of the month?

[Shade]

Is it your time of the month?

I don't know actually, I 'm feeling well fuckin weird lately.

Teenage angst come late I think.

[100%Pat]

well feckin hurry up and grow out of it you arsey sod, its worse than having a teenage daughter when I'm monitoring your posts... :p

[Abb]

Ooooh!!!! Shade is being monitored!!!!!

Big Sister is watching you boy!

[slob]

well feckin hurry up and grow out of it you arsey sod, its worse than having a teenage daughter when I'm monitoring your posts... :p


do you monitor all posts or just a select few?



BUMHOLES



sorry keyboard tourettes!






. :D

[Shade]

well feckin hurry up and grow out of it you arsey sod, its worse than having a teenage daughter when I'm monitoring your posts... :p

I think I'm pregnant.

[100%Pat]

do you monitor all posts or just a select few?



BUMHOLES



sorry keyboard tourettes!






. :D



PMSL!!

No only ones I think likely to cause a ruckas....

[100%Pat]

I think I'm pregnant.

No dear just fat... :o

[Abb]

He's not fat, he's Scotch. Everyone knows that the Sweaties are too stingy to get fat.

[100%Pat]

well it must be wind then...

[slob]

well it must be wind then...

my brother had a pot belly when he was about 3 , my mum was worried and took him to the doc. After the usual checks the doctor lay him down on a bed and pressed his stomach. turned out the boy was a human whoopee cushion! The more he pushed the more the boy farted *LOL