Define company. Distinguish it from, partnership, limited liability partnership and proprietorship.

A company is a legal entity formed by a group of individuals to engage in business or other activities, usually for profit. It is distinct from its owners and has a legal existence separate from them. The company can own property, enter into contracts, sue, and be sued. The primary advantage of forming a company is limited liability, meaning that the owners' personal assets are generally protected from business debts. A company can take several forms, such as a private limited company or a public limited company, and is governed by specific laws, including the Companies Act.

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