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In this episode of Whiteboard Thursday, Nicholas Campion from 1st Formations discusses the importance and necessity of articles of association for limited companies in the UK. He explains that these articles serve as the company's main constitutional document, outlining the rules and regulations the company and its officers must adhere to. The articles are adopted during the incorporation process. Campion also briefly mentions Model articles and the memorandum of association. He emphasizes that all limited companies are required to have articles of association to operate legally.