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SS1: ECONOMICS - 2ND TERM

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Definition of a Company

A company is an association of individuals who agree and jointly pull their resources or capital together in order to establish and run a business with a view to making a profit.

Definition of a Limited Liability Company

These are companies in which the liabilities of the members are only limited to the amount they contributed. (Joint Stock Company). A limited liability company is owned by the shareholders.

A Joint Stock Company is an organisation which has a separate legal entity (incorporated), it is formed to carry out business operations for the interest of shareholders. It can sue and be sued.

There are two types of Limited Liability Companies, the Private Limited Liability Company, and the Public Limited Liability Company.

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