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Simon Waters wrote: > Robin Cornelius wrote: > >> Is there >> really any difference between a sole traders "business" and a >> unlimited company? >> > > Yes. > > A company can be formed with unlimited liability, and can have multiple > people owning it. It is quite unusual, but it is quite distinct from a > sole trader (which effectively is one person trading with unlimited > liability). > > A company with unlimited liability is pretty much the same as a > partnership as regards liability. > > If you aren't independently wealthy, or working in specific business > areas, companies with unlimited liability are unlikely to be of much > relevance to you. > > Historically private banks, and insurance backers (like Lloyds names) > carried unlimited liability. So that when the bank was named after a > famously rich family, members of that family were often jointly and > personally liable should the bank ever be unable to pay you back the > money you invested with them. > > These days, since there are less requirements for unlimited liability, > most owners choose not to have such liability if they don't have to > (would you want to lose your personal fortune if your employees mess up?). > > Part of the erosion of responsibility, as our financial assets are > placed in the hands of what H.G. Wells called the "irresponsibly wealthy". > > Partners are unlimited . Also note,where previously 'unlimited partnerships' existed ,these are now replaced by 'limited partnerships' to avoid problems of one partner bringing down the bank. -- Regards Eion MacDonald (eionmac@xxxxxxxxxxxxxx) Tel. +44 (0) 1925762873 -- The Mailing List for the Devon & Cornwall LUG http://mailman.dclug.org.uk/listinfo/list FAQ: http://www.dcglug.org.uk/linux_adm/list-faq.html