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Krati Rajoria
Meaning
Under section 2(20) : Company is
defined as a company incorporated
under this Act or under any previous
Company law.
A
legal
entity
(such
as
an
association,
company,
person,
government, government agency, or
institution) identified by a particular
name.
Also
called
corporation,
corporate body or corporate entity.
Theories
1.
2.
3.
4.
5.
Fiction theory
Realist theory
Bracket (symbolistic) theory
Concession theory
Purpose theory
Characteristics
1. Corporate personality
2. Limited liability
3. Perpetual succession
4. Separate property
5. Transferability of shares
6. Common seal
7. Capacity to sue and be sued
8. Contractual rights
9. Limitation of action
10.Separate management
11.Voluntary association for profit
12.Termination of existence
Disadvantages