Not sure about Ltd company versus plain syndicate but from personal experience I can say that you need to be absolutely clear, in written format, what the group funds are for and what individual members are liable for.
Also, you should establish some sort of rulebase with regard to currency and checkouts. We have none of this in our syndicate and we have had several prangs. (not me I hasten to add
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A well thought out constitution that can be amended when necessary and sound accountancy are the bedrock of a good group.