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IT s voluntary incorporated association which is an artificial person created by law with limited liability having common seal and perpetual succession. According sec 3(1)I of companies act company means “a company formed and registered under the act, or an existing company.
Companies are classified on the basis of Incorporation Liability of members Number of members Ownership control
Statutory companyThese companies are those in corporate under special act passed by the parliament or the state legislature.Registered companiesThose companies are those formed and registered under the Indian companies act.
Company limited by shares A limited company is one in which the liability of the members is limited. The liability of the members is limited to the amount if any unpaid on shares, held by them. Companies limited by Guarantee Those companies are registered companies in which the liability of the shareholders to contribute to the asset of the companies in the event of the company being wound up is limited by its memorandum of association.
Unlimited companies A company not having any limit on the liability of its members is termed as the unlimited companies.
Private companiesA private company means a company which has minimum paid up capital of one lack rupees.Public companiesA public company is not a private company and which has minimum paid up capital of five lack rupees or as prescribed.
Government companies The company which is owned by government. Paid up capital of the Govt in these companies is minimum 51%. Non government (foreign company) The companies registered outside the India and run business within India.
Holding companyHolding company is the company which holds and control the other company.Subsidiary companyIt is the company which is holded by other is known as subsidiary of other.