Hi I am having doubt on the comapany formations - i.e Can a person who is already a owner/Proprietor of a company be the director of any other company?
From India, Vadodara
Acknowledge(0)
Amend(0)
382From India, Vadodara
Acknowledge(0)Amend(0)
Yes;why not? Instances are there that a person serves as director of many companies depending upon his share-holding strength.
From India, Salem
Acknowledge(0)Amend(0)
From India, Salem
Acknowledge(0)Amend(0)
With all due respect to Shri Umakanthan sir, in a proprietary concern, the proprietor is solely liable for all profits and losses, if any. That is, he is liable in a personal capacity as well as a proprietor of the firm. On the other hand, as a director of a company, his liability is limited as mentioned in the MOA (Memorandum of Association). In the case of any liability arising in a proprietary concern, one can recover the liability from the assets of the sole proprietary concern as well as from the personal assets of the proprietor. In the case of a company, the director is liable to the extent mentioned in the MOA and not in his personal capacity unless and until he discharges any such type of document.
From India, Halol
Acknowledge(0)Amend(0)
From India, Halol
Acknowledge(0)Amend(0)
Hello everyone,
I respect others' comments and share my knowledge about company formation. Being a company secretary student, I studied company law, and it allows business owners as well as proprietors to be a part of the board of directors of other companies.
From India, undefined
Acknowledge(0)Amend(0)
I respect others' comments and share my knowledge about company formation. Being a company secretary student, I studied company law, and it allows business owners as well as proprietors to be a part of the board of directors of other companies.
From India, undefined
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.