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The Company Limited by Shares

This is the most common form of company, found virtually everywhere. It is sometimes called a joint stock company.

The company is managed by a Board of Directors who finance its activities by the issue of shares. The shareholders together are the owners of the company and it is the shareholders to whom the Board is accountable and who may replace the Board.

Unless the shares in the company carry with them an ongoing liability, which is unusual, once a shareholder has fully paid for his shares he has no further liability for the debts of the company. It is the responsibility of the directors to ensure that it remains solvent. If they cannot do so and the owners do not wish to buy more shares, it must be wound up.
 

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