The content is just an excerpt from the complete note for SS2 First Term Commerce Lesson Note – Limited Companies. Check below to download the complete DOCUMENT
WEEK 1
Class: SS2
Topic: Limited Companies
Content:
Sub-Topic 1: Meaning of limited companies
A limited liability company is a business owned by a number of people, operated by a legal person on behalf of its owners, with the usual motive of profit and with the provision that the owners are liable to the company only to the value of the share capital they individually hold.
It is also referred to as a joint stock company and can be defined as an incorporated business organization established for profit making.
Evaluation:
Define a public liability company
SUB-TOPIC 2: TYPES OF PUBLIC LIABILITY COMPANIES
There are two types of limited liability companies, namely: private limited liability companies and public limited liability companies:
A private limited liability company has the following features or characteristics
A public limited liability company has the following features or characteristics
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