Practicing Success
Which of the following companies are not found in India even though permitted by the Companies act? |
Companies Limited by shares Companies Limited by guarantee Unlimited companies None of these |
Unlimited companies |
When there is no limit on the liability of its members, the company is called an unlimited company. When the company’s property is not sufficient to pay off its debts, the private property of its members can be used for the purpose. In other words, the creditors can claim their dues from its members. Such companies are not found in India even though permitted by the Companies Act. |