Lesson Notes By Weeks and Term - Senior Secondary School 2

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  4. Limited Liability Company

Term: 1st Term

Week: 4

Class: Senior Secondary School 2

Age: 16 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:    Commerce

Topic:-      Limited Liability Company I

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

  1. Explain the meaning of Limited Liability Company
  2. State and explain the kinds of Limited Liability Company

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S ACTIVITY

STEP 1

INTRODUCTION

The teacher reviews the previous lesson on public enterprises

Students pay attention

STEP 2

EXPLANATION

She explains the meaning of Limited Liability Company

Students pay attention and participates

STEP 3

DEMONSTRATION

She states and explains the kinds of Limited Liability Company

Students pay attention and participate

STEP 4

NOTE TAKING

The teacher writes a summarized note on the board

The students copy the note in their books

 

NOTE

LIMITED LIABILITY COMPANY

An LLC, referred to as the “Private limited company” in Nigeria, is the most common entity used for Nigeria company setup. As always, the Limited Liability Company is a separate legal entity or person. In particular, a company is separate from its owners, shareholders, and the persons who run it, the directors.


KINDS OF LIMITED LIABILTY COMPANIES

  1. COMPANIES LIMITED BY GUARANTEES: These are companies having the liability of its members limited by the memorandum of association to the amount they undertake to contribute to the assets of the company to meet its liability at the time of winding up.
  2. UNLIMITED COMPANIES: These are companies having to limit the liability of members. In the event of liquidation, members will be liable to the full amount of liability e.g oil prospecting companies in the event of liquidation, members properties are to be sold to offset its liabilities.
  3. COMPANY LIABILITIES BY SHARES: These are companies having the liabilities of members limited by the memorandum of association to the amount of unpaid shares at the time of winding up

 

EVALUATION:   1. Explain the meaning of Limited Liability Company

  1. State and explain the kinds of Limited Liability Company

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively