unlimited company

Dutch translation: vennootschap met onbeperkte aansprakelijkheid

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:unlimited company
Dutch translation:vennootschap met onbeperkte aansprakelijkheid
Entered by: Vanders

07:43 Jul 31, 2007
English to Dutch translations [PRO]
Law/Patents - Law (general)
English term or phrase: unlimited company
Hallo

Vertaal ik "unlimited company" (het gaat hier over een veilinghuis) als "vennootschap met onbeperkte aansprakelijkheid"?

Bedankt

Nathalie
Vanders
Belgium
Local time: 07:33
vennootschap met onbeperkte aansprakelijkheid
Explanation:
In the United Kingdom, an unlimited company is a company formed by registration under the Companies Act 1985 where the liability of the members is unlimited - that is, they are liable to contribute whatever sums are required to pay the debts of the company should it go into compulsory liquidation. Not surprisingly, this is not a common form of company. One example that was of significant press and political interest when it got into financial difficulties is The Equitable Life Assurance Society (company number 00037038).
An unlimited company is very similar to a partnership and there are only rare occasions when it will be preferred to that alternative business model. Examples are where the company will not trade (e.g. will only be used to hold title to property), is trading but in an area where limited liability is not acceptable, secrecy concerning financial affairs is desired (an unlimited company can have lesser reporting obligations), there is a low risk of insolvency etc. They can be registered online for fees of approximately £250 plus Vat.
Selected response from:

Roel Verschueren
Austria
Local time: 07:33
Grading comment
Bedankt, Roel.

Groetjes

Nathalie
4 KudoZ points were awarded for this answer



Summary of answers provided
4vennootschap met onbeperkte aansprakelijkheid
Roel Verschueren


Discussion entries: 3





  

Answers


44 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
vennootschap met onbeperkte aansprakelijkheid


Explanation:
In the United Kingdom, an unlimited company is a company formed by registration under the Companies Act 1985 where the liability of the members is unlimited - that is, they are liable to contribute whatever sums are required to pay the debts of the company should it go into compulsory liquidation. Not surprisingly, this is not a common form of company. One example that was of significant press and political interest when it got into financial difficulties is The Equitable Life Assurance Society (company number 00037038).
An unlimited company is very similar to a partnership and there are only rare occasions when it will be preferred to that alternative business model. Examples are where the company will not trade (e.g. will only be used to hold title to property), is trading but in an area where limited liability is not acceptable, secrecy concerning financial affairs is desired (an unlimited company can have lesser reporting obligations), there is a low risk of insolvency etc. They can be registered online for fees of approximately £250 plus Vat.

Roel Verschueren
Austria
Local time: 07:33
Works in field
Native speaker of: Native in FlemishFlemish, Native in DutchDutch
PRO pts in category: 37
Grading comment
Bedankt, Roel.

Groetjes

Nathalie
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