This means that if the partners invest a specified amount as capital in the
This type of company is called a joint liability company because its partners are jointly responsible for paying the company’s obligations in the event of problems. Read also: The best ways to invest in Saudi Arabia 2. LIMITED LIABILITY COMPANY OR (LLC) A limited liability company is a company in which the number of partners does not exceed fifty and not less than two partners. Natural persons or companies can be partners in this type of company.The limited liability company has a legal personality independent of the partners. This type of company Phone Number Data also has its own rights, duties, and regulatory rules. The company's capital is determined and distributed to the partners in the form of certain shares. Partners in this type of company are not personally liable for debts and financial obligations of the company that exceed their equity shares. When financial problems or legal issues occur for the company, the partners will not bear personal responsibility to settle these debts with their personal funds. However, in the event that the company is unable to pay its debts, the liability is limited to the partners’ shares in the capital only.
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They are only responsible for the loss of this amount or part of it in the event that the company defaults on its financial obligations. This is a major advantage of LLCs, as this type of company protects partners from personal liability and allows them to share in profits and losses based on their shares in the company without putting their personal funds at risk. However, it should be noted that there are some cases in which partners can bear personal responsibility. These cases include fraud, fraud, or any illegal behavior that causes harm to others. Finally, the limited liability company is required to consist entirely of Saudi partners, in accordance with the Saudi Commercial Companies Law, which requires that all partners in the limited liability company be of Saudi nationality.
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