A registered company is a formal business entity that has been incorporated in England, Wales, or Scotland through a registration process with the Registrar of Companies. It can be a limited or unlimited company and may operate as either a private or public entity.
An unlimited company is a type of company where its members have unlimited liability. This means that in case of liquidation, members are required to cover all the company's debts using their personal assets, if necessary.
Unlimited liability refers to the legal obligation of a business owner or partners to pay all debts and liabilities incurred by the business, potentially using personal assets.
