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Limited by Guarantee: Who are the members?

May 13, 2014

A Company Limited by Guarantee has no share capital, therefore no shareholders. It has members who act a guarantee to a specific amount and could be liable to pay such amount if the company went into liquidation. This amount is usually small (only a few pounds) and determined in the Memorandum of Articles and Association.

Membership is not transferable. In case of resignation, the guarantee will last a further 12 months. This would be seen as an internal matter and Companies House does not need to be notified. You can record and file minutes of the matter for the company’s own record.

New members may be required to pay a non-refundable entry fee as well as an annual subscription.

Author

Karen Horne
@UK_Co_Formation

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