Articles of Association — SPCC STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceSPCCArticles of Association3 Marks
Question
To which company is Table I applicable?
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Answer
The liability of the members of such a company is unlimited.
The liability of the members is unlimited like that of a privately owned firm or a partnership firm.
If the company does not have sufficient assets to repay the liability at the time of liquidation, the member has to repay the company's debt from his personal property.
Such a company cannot use the word "limited" at the end of its name.
Such a company may start with one hundred members; But the Board of Governors may register by increasing the number of members as required from time to time.
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