SubjectPaid lesson
Forms of business organization II
CT
ClassNotes Team 3 MIN READUPDATED 5 JUL 2026Business Studies J.S.S 1 Second Term
WEEK 8
Forms of business organization II
Performance Objectives
The student should be able to:
1. Explain the limited liability company.
2. State the advantages and disadvantages of a limited liability company.
Content
Meaning of limited liability company
A limited liability company is a company in which the responsibility or liability of members for debts of the company is limited to the capital they have contributed or agreed to contribute. The private properties of members are excluded, and all those members lose if the company fails is the money they have contributed. It is formed and registered under the law known as the Company Act. When a company is formed and registered with the…