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Essay On Limited Company

1024 Words5 Pages

Limited Company There are 3 types of limited company in Malaysia. The first is limited company by shares, second is limited company by guarantee not having share capital and the last is limited by guarantee having share capital. Limited company by shares are such companies that the liability is the only amount which remains unpaid on the shares. It is also as an incorporated business structure that is viewed as a legal person that is responsible for its own debts. This company is the most popular company structure that used by people who want to make a profit from their business activities, it is suitable for business of all sizes including startups. The limited company by shares is not limited for a member. These members …show more content…

In unlimited company there is no limit on the liability of the members. The liability in such cases would extend to the whole amount of the company’s debts and liabilities. The members cannot be directly sued by the creditors. When the company is wound up, the official liquidator will call upon the members to discharge the liability. The details of the number of members with which the company is registered and the amount of the share capital has to be stated in the Articles of Association …show more content…

If there are two or more are holding one or more shares in a company jointly, they shall for the purpose of this definitions and it be treated as a single member. In addition, there is no public accountability like a public company and there is no rigorous surveillance. Under the section 31 provides that if a private company fails to comply with an of the restrictions in the articles and it ceases to be entitled to any privilege or exemption confessed on private companies and there upon the provision of this Act shall apply as if it were not a private

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