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Companies limited by shares
- •Limited by the memorandum to amount unpaid on shares
- •Can be called upon any time
- •It raises funds for business from its members
Companies limited by Guarantee
- •Limited to amount guaranteed to be paid in case company winds up
- •Can be called upon only after commencement of winding up
- •It does not raise funds for business from members
- •Raises funds through fees, charges, donations, etc.
Unlimited Companies
- •No limit on the liability of members
- •Liability ceases when a person ceases to be a member
- •In the event of winding up debts of the company shall be met from private property of members