Define company. Distinguish it from, partnership, limited liability pa

Question

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

26 Apr 2025

Answer :

Word Count : 589

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.

The key characteristics of a company include limited liability, perpetual succession, and the ability to raise capital through shares. It requires a formal registration process and a set of regulations, such as articles of association, to govern its internal workings. In contrast, a partnership, limited liability partnership (LLP), and proprietorship ____ _______ ___ ________ ____ _____ ____ __________ __________.
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