Define a company and explain the features of a company.

A developing industrial world needed a legal form of ownership that would provide limited liability for the owners and perpetual life for the business. This is answered through the company form of organisation. Therefore, what follows next is the meaning of a company, its main features, advantages, and disadvantages.

Let us first understand what a company is. A company is an artificial person being created by the law that has an existence separate and apart from its owners. In other words, a company is an artificial person created by law, with a distinctive name, a common seal and perpetual succession of members. It can sue and be sued in its own name. Let us consider a few definitions of company.

The Indian Companies Act, 1956 defines a joint stock company as “a company limited by shares having a permanent paid up or nominal share capital of fixed amount divided into shares also of fixed amount, held and transferable as stock and formed on the principles of having in its members only the holders of those shares or ________ _______ ______ _______ __________ ________ ____ ___ ___ _________ _________ ______.
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