The Companies Act is a legislative framework that regulates the activities and administration of limited liability companies in the UK. It sets out rules on company formation, management, reporting, andauditing. The Act aims to protect shareholders, creditors, and the public by ensuring transparency and accountability in corporate practices.

Example: A fintech startup must submitits annual accounts following the requirements of the Companies Act. The company needs to prepare accurate financial statements, have them audited, and file them with Companies House within the specified deadline. Failure to comply can result in penalties and impact the company's reputation.

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