LIMITED LIABILITY COMPANIES
Hello Readers, How are you all today? It's
Beautiful to be here with y'all doing this now and being a source of help to
you all. I thank God everyday for meeting you all and being able to write to
you and generally interact with you all. HAPPY DEMOCRACY DAY FOR NIGERIA !!!. Let's Get Started.....
A Company can be
defined as a Legal Person or Entity created by the Association of a Number of
People in accordance with the Law for the Purpose of Pooling their Capital
together in order to set up a Business Venture. Examples of Limited Liability
Companies are: Julius Berger Nigeria Plc, Dunlop Nigeria Plc etc. A Company is
an artificial person and is more than a mere association of individuals. It is
a legal person with a personality of its own.
Types of
Companies:
1. UNLIMITED
LIABILITY COMPANY- The Liability of a member is limitless and he may be
liable to the full amount of the company's debts in the event of liquidation.
The Members will contribute more money, including their capital, to settle the
debt of the company.
2. LIMITED
LIABILITY COMPANY- The Liability or Burden of Debt in the company is
limited to the amount of share capital the shareholders had agreed to
contribute individually in the event of liquidation. A Shareholder cannot
suffer the liability of the company up to his/her
