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What Is a Share?

Which type of...

Question

Which type of company does not have any limit on the liability of its members?

A

Limited company

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B

An unlimited company

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C

Company limited by guarantee

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D

None of the above

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Solution

The correct option is A An unlimited company
An unlimited company or private unlimited company is a hybrid company incorporated with or without a share capital 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

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