Forms of business organization II

Business Studies J.S.S 1 Second Term


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.


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 Registrar of Companies,.... View More

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