Solicitors & Lawyers
Legal Terms
Term: limited company
1.
A limited company is a company formed in the usual way, whereby the liability of the shareholders is limited to the piad up value of the shares held by them in the company. This is the nominal value of their shares but may limited to the sum of the guarantee given by the shareholders in a company limited by guarantee.
This limited liability cannot be increased without shareholders' consent.
This is the most common form of company.
Usage: The subscibers decided to form a limited company.
Related Words: company; unlimited company; public company; private company; separate legal personality; corporate veil.
Companies: Internal Governance – Directors' Liabilities under the Companies Act UK
Shareholders' Rights – UK Shareholders' Rights and Dividend Waivers
Business Structures – New Corporate Options for Charities
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