ATS-AKB:- Member's liability in various matters

                                    

Member's liability in various matters

• Proprietorship Firm:- In this type of firm the liability of the proprietor of the firm is unlimited and no special Act is applicable to this firm.

• Partnership Firm:- The liability of the partners of the firm in a partnership firm is unlimited and if the partnership firm is registered, then the Partnership Act 1932 is applicable on it.

• Limited Liability Partnership (LLP):- An LLP the liability of the partners of the firm is limited and the Limited Liability Partnership Act 2008 is applicable to LLP.

• Private Limited Company:- The liability of the shareholders and promoters of the company in a private limited company is limited to the capital employed by them, on which the Companies Act 2013 is applicable.

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