A limited liability company acquires a corporate personality status from the date of its incorporation with the power to have a name of its own, to sue and be sued amongst other things. This connotes that the company becomes a distinct person from the owners or members of the company. The liabilities of members are limited only to the amount of unpaid shares taken by them in times of winding-up. The article discusses the preference of incorporated companies over partnership and unlimited companies
Keywords: Limited Liability Company, Partnership, Preference, Unlimited Company
