Unlimited Company

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Unlimited Company

 

(in civil law countries), in bourgeois law, a type of commercial company, one of the organizational forms of capitalist enterprises. The members of an unlimited company have unlimited joint and several (solidary) liability for the debts of the company to its creditors. The unlimited company usually operates under a company name and must be registered. Mutual relations among members within the unlimited company are regulated by contract. In the absence of a special agreement each of the participants has the right to manage company affairs and to represent the company.

The question of the legal status of the unlimited company is handled differently in the laws of different countries. In France, for example, the unlimited company is a juristic (legal) person, while in the Federal Republic of Germany it is not.

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