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COMAPANY

A company is an association or collection of individuals, whether natural persons, legal


persons, or a mixture of both. Company members share a common purpose and unite in
order to focus their various talents and organize their collectively available skills or
resources to achieve specific, declared goals

Types of companies registered in


SECP
By virtue of legal form companies can be classified into following types:

1. Statutory Company
The statutory companies are also known as statutory corporations or public corporations,
Statutory Corporation are public enterprises brought into existence by a Special Act of the
Parliament. The Act defines its powers and functions, rules and regulations governing its
employees and its relationship with government departments.. Known examples of statutory
bodies are municipal councils, bar councils, State Bank of Pakistan, universities etc.
2. Chartered company

Chartered company is formed under a special charter granted by the head of the state, or Queen
or King in some countries. This type of company normally enjoys some special rights or
privileges over other companies. The Chartered Bank of England is an example of chartered
company.

3. Government Company

Government company is the type of company in which majority of the shareholding is


controlled by the Government or in other words if 51% or more of the paid up capital of the
company is owned by the Government such type of company is called Government company.
Further a company which is a subsidiary of the Government company is also called Government
company.
example are PSO
1

4. Single Member Company

A single member company can be defined as a company with only one member, also referred to
as the shareholder. A company may be formed as a single member company or may become a
single member company following a share transfer whereby the number of shareholders is
reduced to one. This one shareholder will hold all of the shares of the company in their name
example are SME Business Solutions (Pvt) Limited
5. Registered Company
A registered company in Pakistan is the company which is registered under the provisions of the
Companies Ordinance, 1984. These companies have different types which are explained below:
Company Limited by Share
Companies Limited by Guarantee
Unlimited Company
Company Limited by Shares
6. Company Limited by Shares
A company limited by shares is the type of company in which the liability of the members of the
company is limited to the amount unpaid on the shares if any. In simple words if company has
authorized capital of Rs. 100,000 out of which members have paid just Rs
Company limited by share may again be of two types :Private limited companies and public
limited companies
6.1.

Private Limited Company

Private limited companies have following characteristics :


Its share are generally not freely transferable. Transfer of its share has to be approved by
the company and certain formalities or conditions may have to be fulfilled before the
company may permit such a transfer
It can have no less than two or more than fifty member excluding employees
Its share are not offered for subscription to general public
The word private limited from part of name of the company
6.2.

Public Company

Public limited companies have the following characteristics:

Its share are freely transferable .while the sale of share must be notified to the company
for updating Its membership records, no prior permission is required for sale or transfer
of share
It can have any number of shareholder in excess of seven which is the minimum number
require by the law
Its share can be offered for public subscription upon meeting the condition set for such
issue by relevant authorities

Public limited company can again be listed, or unlisted


6.2.a.

Listed Companies

A listed Public limited company is the one whose share are traded at stock exchange .There is a
laid down procedure for getting a company listed at the stock exchange and the company has to
observe certain rule for staying listed . A study of these regulations is not part of this basic text
on finance .A public limited company can decide not be listed at the stock exchange in which
case it can sell its share to its public only through personal contact and placement , not an open
offer to public
6.2.b.

Unlisted Company

An unlisted public limited company does not enjoy the same level of public faith and confidence
.Through the share of an unlisted company are freely transferable, its shareholder may not find
buyer as easily as a listed public limited company

7. Company Limited By Guarantee


Companies limited by guarantee generally has no share capital and its members agree to
guarantee to pay a stated amount toward settlement of the companys liabilities in the event of
its failure to fully repay all of its creditors. Generally professional association (e.g. institution
of charted accountants in Pakistan ) , or non-profit organizations like NGOs, are formed as
companies limited by guarantee .A company limited by share generally has share capital and the
liability of its members (i.e. the shareholders) is limited to the par value of the share held by
them .If they have already fully paid for their share to the company, they have no further liability
toward the debt of the company weather or not the company is able to meet its obligation

8. Unlimited Company
Unlimited companies are those whose shareholders have unlimited liability toward the liabilities
of the company .These companies may or may not have share capital. They resemble
Partnerships. However, these are not very common and in fact it would be difficult to find an
unlimited company in Pakistan. A limited liability company is one whose shareholders, liability
toward companys debt is restricted to a stated sum