Company Affairs (CS) Question:
Can you define the term unlimited companies?
Answer:
Companies registered without limited liability is known as an unlimited company. The liability of such company is unlimited like an ordinary partnership firm and every member of such company is liable for debts of the company in proportion to his interest in the company. In such companies the articles shall state the number of members with which the company is to be registered and if the company has a share capital the amount of the share capital with which the company is to be registered.
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