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Until authority has been obtained from ASIC, the phrase Limitedâ€ or Ltdâ€ should seem on the end of the company’s name. If the company is a limited legal responsibility firm, the shareholders’ liability, ought to the corporate fail, is restricted to the amount, if any, remaining unpaid on the shares held by them.
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The members have liability beneath two headings; firstly, the amount, if any, that’s unpaid on the shares they maintain, and secondly, the amount they’ve undertaken to contribute to the property of the corporate, within the occasion that it is wound up. The maximum number of members is 149.
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There’s a lot to do once you begin a brand new firm. If the legal responsibility of the corporate’s members is restricted to the amount unpaid on their shares, the corporate identify must end with the phrase ‘Proprietary Restricted’. An organization identify that’s the similar as a reputation appearing in the index of firm names stored by the Registrar of Corporations (the Registrarâ€) will be rejected.
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