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Question
_______ type of company is formed for promotion of art, culture, religion, sports, trade etc. and not for the purpose of earning profit.
_______ type of company is formed for promotion of art, culture, religion, sports, trade etc. and not for the purpose of earning profit.
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Solution
The correct option is C Company limited by guarantee
A guarantee company can borrow money and may issue debentures or debenture (loan) stock. The members of the guarantee company control it, in the same way as shareholders control a share company, but they do not have any shares or other security in the company that they can sell to another.
A guarantee company can borrow money and may issue debentures or debenture (loan) stock. The members of the guarantee company control it, in the same way as shareholders control a share company, but they do not have any shares or other security in the company that they can sell to another.
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