
Entrepreneurship
Oevetopmem and
SmaU
Busine
ll
Enterprises
As the name suggests. in this fonn
of
business your liability is limited to the
amount you contribute by way
of
share capital. A company registered
in
accordance
with the Companies Act is a separate legal entit
y.
distinct from its shareholders,
directors, and managers. The liability
of
the shareholders is limited to the amount
paid
or
unpaid on issued share capital. A company has unlimited life and no limit is
pl
aced on the number
of
shareholders. The Companies Act does, however, place
many restrictions on the company.
It
must maintain certain books
of
accounts, ...