Rights to protect limited partners

As limited companies do not have the costly and lengthy formalities and transactions required for organization procedures in case of incorporations and the risk posed by unlimited liabilities imposed upon partners of self-owned private undertakings and simple partnerships, they form the most frequently seen type of corporation, in business practice. Due to their being the most common type of corporation in practice, protection of partners in limited companies and limited liability partnerships poses grave importance. As a matter of fact, not only the equity capital but also the claims and rights of the company will be protected, with the protection of partners.Key Words1) Elements of Limited Company2) Plea of Nullity3) Quittance and Discharge4) Audits5) Minority Interests