CompanyCompany means a company formed and registered underthis Act or an existing company as defined the Act.• Voluntary association of persons• Purpose of doing business.• Distinct name and limited liability.
• According to Indian companies Act 1956, a joint stock companyas “ a company limited by shares having a permanent paid up ornominal share capital of fixed amount divided into shares also offixed amount, held and transferable as stock and formed on theprinciple of having its members only the holders of those shares orstocks and no other persons”.Definition
• Separate legal entity• Limited liability of members• Perpetual succession• Common seal• Separate property ownership• Transferable shares• Capacity of sue and being suedCharacteristics of a company
• Chartered companies• Statutory companies• Registered companiesTypes of companies
• Incorporated under a special Royal Charter.• Issued by the king or queen.• Regulated by the provision of that charter.Chartered company
• Incorporated under the special Act of Parliament or legislature.• All activities of statutory companies are governed by the specialAct which they are established.Statutory Companies
• Unlimited Companies• Companies Limited by Guarantee• Companies Limited by shares• Private Limited Company• Public CompanyRegistered Companies
• Government Company• Foreign Company• Holding and Subsidiary CompanyOther forms…