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A company limited by guarantee (CLG) is a type of company where the liability of members in the event the company is wound up is limited to a (typically very small) amount listed in the company's articles or constitution. [1] Most have no share capital, although rare exceptions exist.
In a company limited by guarantee, the liability of owners is limited to such amount as the owners may undertake to contribute to the assets of the company, in the event of being wound up. The former may be further divided in public companies (public limited companies) and private companies (private limited companies). Who may become a member ...
Under the Companies Law it is possible to register companies as either a company limited by shares or a company limited by guarantee. [6] A company limited by guarantee may also be incorporated with a share capital. In practice the vast majority of companies are incorporated as companies limited by shares. Where a company will carry out its ...
Limited by Guarantee (Ltd./Gte.): a company limited by guarantee (non-profit company) Unlimited (ULtd.): A company with a share capital, similar to its limited company (Ltd., or PLC.) counterparts, but where the liability of the members or shareholders is not limited; Limited Liability Partnership (LLP): Only allowed in the state of Lagos, Nigeria.
The Companies (Model Articles) Regulations 2008 (SI 2008/3229) are the default company constitution for limited companies under UK company law.The Model Articles will apply to a limited company if it does not register its own articles or, if it does register them, they will apply to the extent that they are not modified by the Articles of the company.
Article contains these two lines: > Until 1981, it was possible in the United Kingdom to form a company limited by guarantee with share capital. > Under section 5 of the Companies Act 2006, new companies cannot be formed as a company limited by guarantee with a share capital. What happened in between? Erskiji 17:32, 14 July 2016 (UTC)
A company limited by guarantee with a share capital: A hybrid entity, usually used where the company is formed for non-commercial purposes, but the activities of the company are partly funded by investors who expect a return. This type of company may no longer be formed in the UK, although provisions still exist in law for them to exist.
A third choice is whether a company limited by shares will be public or private. [11] Both kinds of companies must display (partly as a warning) the endings "plc" or "Ltd" following the company name. [12] Most new businesses will opt for a private company limited by shares, while unlimited companies [13] and companies limited by guarantee are ...