Define the term “company”. Distinguish it from, partnershi

Question

Define the term “company”. Distinguish it from, partnership and limited liability partnership.

16 Mar 2023

Answer :

Word Count : 420

A company is a legal entity that is created by individuals or groups of individuals for the purpose of conducting business activities. A company is treated as a separate legal entity from its owners, which means that the company can own assets, enter into contracts, and sue or be sued in its own name. There are different types of companies that can be formed, including public companies, private companies, and non-profit companies.

One major advantage of forming a company is the limited liability protection it provides to its owners. This means that the personal assets of the owners are protected from the debts and obligations ____ ____ ___ _________ _______ __________ __________ __________ ________ _____ ______ _____.
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