What is a personal liability company?

 

A personal liability company is comparable to companies contemplated in section 53(b) of the Companies Act, 1973.

Its name must end with the word “Incorporated” it meets the criteria for a private company, and its MOI provides that the directors and past directors are jointly and severally liable, together with the company, for any debts and liabilities of the company that were contracted during their respective terms of office.