Not-for-profit, religious and charitable organisations usually set up public companies limited by guarantee. There is no share capital. When the company is wound up, each member pays a nominal fee that could be as little as S$1.
MORE SPONSORED RESOURCES
The liability of members is limited to such amount as they undertake to contribute to the assets on winding-up. That amount is specified in its memorandum of association, which forms part of a company's constitution. If the company is wound-up, each person who is a member at that time or has been a member within one year of winding up may be required to contribute up to the amount of his guarantee towards payment of the debts incurred while he was a member. Past members are liable only if the present members default. Such companies are invariably non-profit-making concerns. They include professional bodies, trade societies, clubs etc.
SHORT COMPANY PROFILE
Aliquam consequat diam vel tortor. Integer ornare nulla. Class aptent taciti sociosqu. ad litora torquent per conubia. nostra, per incept
OUR LATEST PRODUCTS
Aliquam consequat diam vel tortor. Integer ornare nulla. Class aptent taciti sociosqu. ad litora torquent per conubia. nostra, per incept
