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Additional Details
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RÏ© Z£ÑßÅ¢h ™ ! | When they say "limited" or "unlimited" in a company name, what exactly are they limited or "un" to? |
And why say so in the name?
Additional Details
Answerer #1, you mean if one were to have a partner it is "limited" due to legal rights? That makes a little sense, but I still don't really understand. And why put it in the name of your company. "Limited" sounds weak to me. |
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Feeling Mutual
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Limited in legal liability.
Say your company is $1,000,000 in debt and goes under.
If everything is done right, then:
The owners are not liable for that money
The officers of the company are not liable for that money.
For example, if ABC, Limited borrows $10,000,000:
The Treasurer had to sign for the loan.
If they company defaults on the loan, the bank can sue the company for repayment, but not the treasurer.
But don't think you can start a company, get a huge loan, and then let the company go under while you keep the money, banks are usually too smart for that, and it is quite illegal. |
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Paul Ding
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In most jurisdiction, a corporation *must* have "corporation", "inc", or "limited" in its name to let people know that they are dealing with a corporation.
The *stockholders* in a corporation have limited liability. All they can lose is what they spent for their stock. There are also limited partnerships.
Small businesses gain relatively little from incorporation, because although you cannot collect the personal assets of someone who has invested in the corporation, you *can* collect from the personal assets of a corporate officer who has engaged in misfeasance or malfeasance.
The underwriters at Lloyds, in London, bear unlimited liability. Each puts up a certain amount of capital, and the underwriting profits (on the deals they participate in) are divided up according to the proportion of capital they've invested. However, if losses exceed paid-in capital, each is held liable for those losses, even if it requires 100% of his personal assets.
I'm not aware of any other "unlimited liability" organization.
Sometimes people use "unlimited" in a business name as a marketing tool, suggesting to potential investors that profits will be overwhelming, or suggesting to potential buyers that benefits of buying their goods and services will be immense. |
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okime
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when there is "limited" in a company name, it means that there is at least one limited partner in the company. limited partner's share in the loss of the company is limited tor only to the extent of his capital contribution that's why we call him limited partner. |
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fluke
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limited liability. you can't be sued as an individual, only the co. can be sued. |
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Rental Metard
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they are limited to the liability, a limited company is usualy much bigger than an unlimited company. |
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Mary
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Basically it is talking about the limit of liability and like the other answer, limited is in respect to limited liability and unlimited is of course unlimited liability to any amount. For Example: A Partnership is generally unlimited liability and each partner is liable for the other partners' debts to the total extent in most cases. If a partner incurs a debt of $100,000 for the partnership all the partner's are liable to pay it. A company that is limited can also mean its shareholders (owner's) are liable to their contribution in the company.
Just an extra note. If a shareholder has money owing on shares they own: eg own 1000 shares worth $2 each ( total $2000) and have only paid $1 ($1000) with the other $1 ($1000) on call (when the company says they want the rest of the payment). That shareholder is therefore liable to pay the $1000 but no more. That is there total liability is $2000. If a company went into liquidation the creditors cannot make the shareholders pay anymore that their contributed capital. |
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grouch2111
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Like an LLP. It's liability. It protects personal assets if you partner with someone in some venture. |
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Joule
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If your talking about a clothing company all these people have it wrong, its a fashion statement, of what they are capable of, or how much they're fashion is limited to only the store; meaning they are the only ones to come out with these one of a kind designs... |
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ESTHER ANTWI
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TO WHAT EXTENT CAN WE SAY THAT LIABILITY OF A PARTNER IS UNLIMITED |
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