This document defines company law and outlines the key characteristics of a company. A company is an association of individuals who come together for a common purpose of doing business and earning profit. It must be registered under the Companies Act. Some key characteristics include: 1) It is a separate legal entity distinct from its members. 2) It has perpetual succession - members may change but the company continues indefinitely. 3) Members have limited liability - their liability is limited to their investment in the company. 4) It can enter into contracts, sue others, and be sued as a separate legal entity. The document also discusses advantages like mobilizing large resources and separating ownership and control, and disadvantages like reduced