2. Meaning of Company
A company is that form of business organization, which is created by law.
It refers to an association of persons, created to undertake business
activities, having a separate legal existence, perpetual succession & a
Definition of Company (Joint Stock Company):
Chief Justice Marshall (USA) “Company is a person, artificial, invisible,
intangible & existing only in the eyes of law. Being a more creature of law, it
possess only those properties which the teacher of its creation confers upon
it, either expressly or as indicated to its very existence.
3. Kind of Companies
On the basis of number of members or public participation:
One person company
4. On the basis of liabilities of its members:
Companies limited by shares
Companies limited by guarantee