What is UNLIMITED COMPANY? What does UNLIMITED COMPANY mean? UNLIMITED COMPANY meaning

4040 views
 

What is UNLIMITED COMPANY? What does UNLIMITED COMPANY mean? UNLIMITED COMPANY meaning - UNLIMITED COMPANY definition - UNLIMITED COMPANY explanation.

Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license.

An 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: that is, its members or shareholders have a joint, several and non-limited obligation to meet any insufficiency in the assets of the company to enable settlement of any outstanding financial liability in the event of the company's formal liquidation. The joint, several and non-limited liability of the members or shareholders of the company to meet any insufficiency in the assets of the company (to settle its outstanding liabilities if any exist) applies only upon the formal liquidation...

Topics:  Society