Question

what is unlimited company

Answer 1

unlimited company or private unlimited company is a hybrid company (corporation) incorporated with or without a share capital (and similar to its limited company counterpart) but where the legal liability of the members or shareholders is not limited

Answer 2

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•Unlimited Company :- It is a company in which the liability of members is unlimited that of partners in a partnership firm.

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Additional Information :-

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•If the company's assets are insufficient for satisfying claims of it's creditiors the personal property of members can be attached to meet the obligations.

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•The creditors of the company cannot directly sue the members to contribute towards the assets of the company.

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•An unlimited company may or may not have share capital. The Articles of Association of such a company must state the number of members with which the company is to be registered.

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