Unlimited Company

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Related to Unlimited liability company: Limited liability company, NSULC

Unlimited 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.
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acceptable within the context of an unlimited liability company.
(99) During the dissolution of an unlimited liability company, if the assets of the company were not sufficient to satisfy the creditors, the shareholders had unlimited liability, which is the exact opposite of where you think you would want to be, but this type of legal entity proved to be very attractive to U.S.
The US LLC (which ultimately finances the taxpayer's US operations), however, is held by another related Canadian company (a Nova Scotia unlimited liability company).
operations) is held by another related Canadian company (a Nova Scotia unlimited liability company).
Although Canadian corporate legislation does not allow for LLCs, and Canadian tax legislation does not contemplate corporate transparency, the province of Nova Scotia allows the incorporation of an unlimited liability company (ULC).

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