Is an Incorporator liable for the debts and liabilities of the unlimited liability company?
Yes, subject to = 4 && typeof(BSPSPopupOnMouseOver) == ‘function’) BSPSPopupOnMouseOver(event);” class=”BSSCPopup” onclick=”BSSCPopup(‘section51.htm’);return false;”>section 51.3 of the Business Corporations Act, an incorporator for an unlimited liability company is liable. When an incorporator enters into an Incorporation Agreement prior to incorporating a company, they agree to take in their name one or more shares of the company and, therefore, they are the first shareholders of the company.
