How many months did the company can continue its business u/s 45?
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It takes 1.5 months for a company to continue its business under section 45.
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The company can continue business for six months.
- Individuals are liable for responsibilities when a business has less than seven in public and two members in private.
- As such the operations can be carried out for six months.
- If the number of members of a firm is reduced, and it continues to operate for more than six months, every person is liable for debts.
- After those six months, members of the firm are jointly and severally accountable for the firm's complete debts contracted during that time.
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