Residents Management Company

These are registered companies which exist solely as a means to manage parts of a building leased or owned in common by a collection of flat owners and a Freeholder.

They normally have obvious names such as "Rose Court Flat Management Company Ltd" and are either limited by shares or guarantee. Each leaseholder becomes a member of the Company when they puchase their flat and cease to be a member when they sell. No one other than a leaseholder of the block can become a member.

Just like normal companies, these companies should have leaseholder directors who run the normal business of the company. As the only purpose of the company is to fulfill the landlords covenants in the lease, typically the only thing it does is appoint a managing agent to fulfill all the requirements on its behalf.