Unlimited Company Registration
An unlimited company is also distinguishably known as a private unlimited company or an unlimited liability company or corporation. These unlimited companies are less prominent that the limited companies, in majority of the countries worldwide. In ours this very enlightening webpage, we are offering detailed information about unlimited companies, and the unlimited incorporated company in India.
As its very name implies, an unlimited company is the incorporated form of a company in which its members or shareholders have collectively an unlimited liability towards the assets, debts, and obligations of the company, irrespective of the amount of their personal capital contributions. Such an unlimited company can be formed with or without a share capital, and assigns to its members joint and diverse liabilities and obligations, for smooth running and progress of the company, and discharging of its any debts.
- The maximum personal liability of each of the shareholders of an unlimited company could extend to his total personal property, for discharging all debts and obligations owned by the company, in the case of winding-up of the company. All members of the unlimited company are responsible for gathering enough assets and capital, for paying off all debts to creditors and the total cost of winding-up.
- The unlimited companies are preferable and beneficial, when --- secrecy of all financial affairs is of paramount importance, a greater assurance to creditors is essential, there exists a low risk of insolvency, the company generates sufficient reliable capital, or when the property of limited liability in not practical or vital.
Our full-fledged, thriving, and worldwide famous law firm of India is quite prominent and reliable for brisk and superb unlimited company registration services, besides registration of all other forms of companies, and expert services in a wide range of legal areas.
New Unlimited Company Registration /Formation Process India
In India, the unlimited liability company is well-defined under Clause 92 of the Section (2) of New Companies Act, 2013. Our erudite and mellowed company lawyers have been extending expert counseling about the new unlimited company formation process and its registration with the concerned ROC.
- Regarding incorporation, the unlimited company in India has the same status as that of the limited liability company, and the processes and procedures for registration of an unlimited company are almost the same as those in the case of a limited company registration.
- The MOA and the AOA of an unlimited company must be in full compliance with the information given in the Table D, E, I & J respectively of the Schedule I of this supreme Companies Act of India. The Section 5 dictate provisions regarding the making of the Articles of Association (AOA) of such a company, with clear mentioning of the number of the founder members of the company, and the amount of the share capital involved.
An unlimited company can be converted to a limited one, as per the provisions given in the Section 18 of the New Companies Act, 2013, provided that all debts, contracts, liabilities, and obligations of the unlimited company existed before such a conversion, do not adversely affected by its change of status.