A Registration of Company (ROC) is a legal entity established under the regulatory framework outlined in the Companies Act 2016. Companies are key business vehicles that facilitate commercial and entrepreneurial activities.
There are three main types of companies:
| TYPES OF COMPANIES | DEFINITION |
|---|---|
| Company Limited by Shares | This type of company has its liability limited by the shares held by its shareholders. In the event of financial difficulties or legal issues, the shareholders are typically only liable for the amount unpaid on their shares. |
| Company Limited by Guarantee | In this type of company, members contribute to the company's assets up to a specified guarantee amount, which they commit to pay in the event of the company winding up. This structure is often used by non-profit organizations. |
| Unlimited Company | An unlimited company does not have a limit on the liability of its members. In the case of financial issues or legal obligations, the personal assets of the members may be used to cover the company's debts. |
These distinctions in company types provide flexibility for businesses to choose a structure that aligns with their specific goals, financial considerations, and legal obligations.
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