Limited liability company, referred to as limited company for short, the shareholders are liable to the company to the extent of their capital contribution, and the company is liable to the debts of the company with all its assets. According to the Company Law, such companies must indicate the words "limited liability company" or "limited company" in the company name.
Legal basis: Article 23 of the Company Law shall meet the following conditions for establishing a limited liability company:
(1) Shareholders meet the quorum; (2) The capital contribution subscribed by all shareholders in accordance with the Articles of Association; (3) Shareholders * * * agree to formulate the Articles of Association; (4) Having a company name and establishing an organization meeting the requirements of a limited liability company; (5) Having a company domicile.
Article 24 of the Company Law A limited liability company is established by capital contribution of shareholders with less than 50 persons.