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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?
Yes;why not? Instances are there that a person serves as director of many companies depending upon his share-holding strength.
With all respects to Shri Umakanthansir. In proprietory concern, the proprietor is solely liable for all profits & losses if any i.e. he is liable in perosnal capacity as well as a proprietor of the firm. On the other hand as a director of Company his share is limited as mentioned in MOA(Memorandum of Association). In case any liability arises to proprietory concern, one can recover his liability from assets of Sole proprietory concern as well from personal assets of the proprietor. In case of Company, the director is liable to the extend as mentioned in MOA and not in his personal capacity unless & until he discharge any such type of document.
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 owner as well as proprietor to be a part of board of directors of other companies...
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