Professionals’ Group Associates (PGA) – a professional promoter has recently conducted a test for its yearly recruitment. In the test, one of the questions was about the name of a prime document providing the status of the “members’ liability” in any company working in Pakistan. This document along with other documents is required for the registration of a joint stock company in Pakistan.
You are required to:
- Mention the name of the document carrying the status of “members’ liability”;
- Briefly describe the true meaning of “member’s liability”; &
- How a company can be recognized as a limited liability company through its name?
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