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Related to Unlimited Company: Private company
A company in which all members or shareholders have total and joint responsibility to cover all debts and other liabilities the company generates, regardless of how much capital each contributes. An unlimited company presents higher risk than a limited company (such as a publicly-traded company or a limited liability company). However, the finances of an unlimited company are able to remain private and, for that reason, it may be a preferable business structure in some circumstances. One may register an unlimited company in the United Kingdom, Germany, Ireland and many Commonwealth countries.