Introduction to Company.

1. Company Law
Unit I-Introduction to Company
B.Com VI Semester
Dr.Rupa Gupta
Assistant Professor,
Smt. Radhadevi Goenka College for Women, Akola.

2. Learning objectives:
To understand the meaning of Company.
To study the features of Company Act , 2013
Learning Outcome:
Very well understood the meaning and various
characteristics of Company.

3. Definition of Company
According to Justice James,
“A company is an association of persons united for a common object.”
According to Section 3 (1) (i) of Indian Companies Act, 1956.
“Company means a company formed and registered under this act
or an existing company. ‘Existing Company’ means a company formed and
registered under any of the previous Company Laws.”

4. Characteristics of Company
Act,2013
 An Artificial Person Created by Law
 Separate Legal Entity
 Perpetual Succession
 Common Seal
 Limited Liability

5. Characteristics of Company
Act,2013
 Transferability of Shares
 Limitation of Work
 Voluntary Association for Profits
 Representative Management
 Termination of Existence