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Company Concept, Merits and Limitations

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Livin Verghese Liju
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474 views4 pages

Company Concept, Merits and Limitations

Uploaded by

Livin Verghese Liju
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
ree) Limitations ut business activites and asa legal sayy vt anificial person having a separate lea] eye ey ed for carrying be described as ‘A company is an association of persons forme independent of its members. A company can entity, perpetual succession and a common s ‘top Te before the Indian companies: ‘Act, 1866 (10 of 1866). ‘Act lating to companies in force ‘The indian companies Act, 1866 10 of 1866). The indian companies Act, 1882 (6 of 1882) ‘The indian companies Act, 1913 (6 0f 1913} Tre Registration of Transferred Companies Orimance 2942 ordinance 42 0f 1982). ‘The Companies Act, 1956. aie T owners exercise an indiect control over the busin j one Features 1, Separate legal entity ilies “The law does not recognise the business and owners to be one and the same, 2. Artificial person yem it cannot breathe, et, run, talk and s0 on, Iv is, therefore, called an artificial person. 3, Formation . Ie involves the preparation ee = Bi eae cms 12% rs w 4, Perpetual succession A ing a creation ofthe la, can company being a to an end only by law, Ie will only cease ro exist when a specific procedure for its closure, called Meseaeet Memben Doce anaes eid eae! sor ce cok mens ‘wer killed by a bomb but the company survived. ‘ pre soe eal ee 5. Control involved in the day

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