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Unlimited Company in India

Without any limit over the liability of the shareholders, members or partners while meeting the needs of the company in varied aspects or debts during the formal liquidation. Members and shareholders are fully liable to cover its debts. Unlimited Company in India as per section 2 (92) of the Act, can be incorporated with or without a share capital. It brings the members and partners or directors even use their personnel property while meeting the debts of the company. Liquidators are only liable to ask the members to contribute with their personal assets as respective members and directors are only liable to company not the company's creditors. Thus, members are only called by liquidators' to use their personnel assets while discharging their company's debt during winding up of the company or firm.

Under the unlimited company in India the two sections are the most important one including Section 5. Section 5 depicts that the Articles of the company shall contain the regulations for management of the company. And the Articles shall be in such form as may be prescribed in respective Table of Schedule 1 of Companies Act, 2013.

If you want to register your firm or company under unlimited company in India then call at +91-8800-100-284 or mail at where the team of expertise will revert back you with best services.

Unlimited Company Advantages

Below are the privileges that come under the unlimited company advantages:
  1. Unlimited company can be registered with or without share capital one of the biggest advantages.
  2. Another advantage is New Companies Act 2013 which is not apply to the unlimited company in India where it use or increase or reduces its share capital without any restrictions.
  3. A special resolution with an application needed to submit for altering its share capital.
  4. A statutory meeting is not required in case of an unlimited company.
  5. Section 67 is not applied to unlimited company where the same can purchase its own share which is not allowed in case of limited company.
Every form of corporate in India has its own pros and cons that one can enjoy while registering under New Companies Act 2013. Similarly, unlimited company in India too enjoys a set of advantages while operating its tasks in the Indian corporate sector.