an organisation with a separate legal identity but whose members do not have limited liability.

is where there is no limit to the members liabilities.

a company not having any limit on the liability of its members

a legal entity distinct from its members

This type of company does not limit what its members would have to pay towards the company's debts, if the company was wound up.

In the United Kingdom, an unlimited company is a company formed by registration under the Companies Act 1985 where the liability of the members is unlimited - that is, they are liable to contribute whatever sums are required to pay the debts of the company should it go into compulsory liquidation. Not surprisingly, this is not a common form of company. One example that was of significant press and political interest when it got into financial difficulties is The Equitable Life Assurance Society (company number 00037038).