Articles of Association — SPCC STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceSPCCArticles of Association3 Marks
Question
To which company is Table J applies?
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Answer
The liability of the members of such a company is unlimited.
Such a company does not have share capital. Like individual or partnership, the liability of the members here is unlimited i.e. when the company is closed; the members have to pay the debt from their personal property if the company does not have enough assets to repay the liability.
Such a company may start with one hundred members and the Board of Directors may, from time to time, increase the membership of the company as and when required.
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