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Limited Liability: Shareholders' obligation is restricted towards the extent of their money contribution, safeguarding personal assets from the company's economical obligations and liabilities.
Registration requirements change by condition, so John and Kelly very first Call their condition and native government for information about the way to register their car repair store.
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Unlimited Businesses: Members of unlimited companies have unlimited individual legal responsibility to the company's debts and liabilities. However, they remain deemed a independent legal entity, and individual members can't be sued.
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Next incorporation, adhering to put up-registration company compliances is important to streamline company functions and outline the roles and duties of administrators and shareholders.
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Least Variety of Directors: A private limited company necessitates no less than two directors. At the very least a single of such directors must be an Indian citizen.