The limited liability company is defined in Section 67:

67. A company is formed by means of a capital divided into shares held by its members. The members’ liability is limited to the amount, if any, unpaid on the shares respectively held by each of them.

There are some expectations to the members’ limited liability. One cannot hide behind the concept of limited liability forever, and the court can decide to render a member liable.

The limited liability company is the most important type of business organisation. A company is an organisation that is set up, usually between two or more people, with the aim of generally running s business. By way of exception, a company can also be constituted by one person. Another reservation is that, although as a general rule a company is formed for the purpose of trade or business, in reality the law does not require that purpose of a company.

Once a company is registered at the Malta Financial Services Centre, that company becomes a separate legal person, d

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