A Personal Liability Company Inc. is a private company that is mainly used by ‘associations’ such as Lawyers, Engineers and Accountants. The Company’s Name must end with the word “Incorporated”. It operates on the principle of ‘personal liability’. This term means that the directors of the company, as well as previous directors, will be responsible for the debts of the company. The owner of a Personal Liability Company Inc. is considered separate from the company. That means the creditors cannot seize the owner’s personal assets such as a home or investments.
Custom MOI: You will need to amend / setup your Company’s Memorandum of Incorporation (MOI) to show that it is a Personal Liability Company Inc. It will need to show the letters “Inc.” in the Company Name. Memorandum of Incorporation ( MOI ) – click here to apply.
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A Personal Liability Company Inc. is a private company that is mainly used by ‘associations’ such as Lawyers, Engineers and Accountants. This term means that the directors of the company, as well as previous directors, will be responsible for the debts of the company.
Private companies are incorporated by one or more persons, must have at least one director and may not offer its securities (shares or debentures) to members of the public. Personal liability companies are incorporated by one or more persons and must have a minimum of one director.
A Personal Liability Company needs a minimum of one director to be registered.
Taxation is not doubled. Taxes in corporate profits are not payable, as well as on profits that pass through to the members. Taxes are only paid once on those profits that are given to individual members. Owners can choose to have profits distributed to them in any way they would like them to be distributed.