Which of the following is not a feature of a company ?

A company is a distinct form of business organization with specific characteristics defined under the Companies Act. Let me examine each option:

Separate Legal Entity: A company has a legal existence independent of its members. It can own property, enter contracts, and sue or be sued in its own name.

Common Seal: A company uses a common seal as its official signature on documents, representing the company's authorization.

Limited Liability: This is a fundamental feature where shareholders' liability is restricted to the unpaid amount on their shares. If shares are fully paid, members have no further obligation even if the company incurs losses or debts.

Unlimited Liability: This contradicts the basic principle of a company. Unlimited liability means owners are personally responsible for all business debts with no limit, which is characteristic of sole proprietorships or partnerships, not companies.

In a company, the liability of members is limited by shares (in case of a company limited by shares) or limited by guarantee (in case of a company limited by guarantee). Members' personal assets remain protected beyond their investment in the company.

Therefore, Unlimited Liability is not a feature of a company.