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English
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| Number of pages / Number of words: |
6 / 1636 |
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The directors will not be legally responsible for the default in payments by the company to unsecured creditor; they will only be responsible for their individual aptitude as grantors (wooddward et al,2005:26).
Limited by guarantee; In this type of organisation the partner will only contribute if the business faces any difficulties...
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The difference between the two is timing of money payment. This type of company is suitable for money-making enterprises. All the limited by guarantee organisation are not meant for profit organisation usually raise funds for loans; and social activities etc, are formed for help purpose (wooddward et al,2005:27)...
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