3.Explain Chartered Companies and Statutory Companies.
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Explanation:
3. Explain Chartered Companies and Statutory Companies.
=> Chartered Company: Chartered companies are the companies which were formed during 17th and 18th century by the Kings and Emperors by passing Special Charter known as "Royal Charter". The rules and regulations for the working and governing of the company are clearly mentioned in 'Royal Charter'. Nowadays chartered companies are not formed and these companies are not found in India. East India Company, Bank of England, etc. are the examples of chartered companies.
Statutory Company: Statutory companies are formed by passing a special act, either by State Legislature or by Parliament. Generally Statutory Companies are formed to run the public utility concerns like Railways, Water works, Gas works, Electricity, etc. The rules and regulations for the working and governing of the company are clearly mentioned in the special act, known as "Statue". Life Insurance Corporation, Air India, Unit Trust of India, The Reserve Bank of India, Export Import Corporation of India, are the examples of statutory companies.
Answer:
Nowadays chartered companies are not formed and these companies are not found in India. East India Company, Bank of England, etc. are the examples of chartered companies. (2) Statutory Company: Statutory companies are formed by passing a special act, either by State Legislature or by Parliament.
Explanation:
An optional association established and organized for running a business is called a company. In other words, any entity engaged in business is a company or a corporation selling goods or services for making money is a company. Legally, a company is a legal entity established by a group of people for performing a business. A company has a separate entity from the people who own, operate and manage its functions.
Types of Companies
Companies can be classified into different types based on different criteria.
Based on Incorporation
Chartered Company
Registered Company
Statutory Company
Based on Liability
Company Limited by Shares
Unlimited Company
Company Limited by Guarantee
Based on the Number of Members
Private Company/ Private Limited Company
Public Company/ Public Limited Company
Based on Domicile
Foreign Company
Local Company
Miscellaneous
Government Company
Subsidiary and Holding Company
One Man Company
Partnership
Co-operative Society
Joint Venture Company
Each of the types is discussed below with examples:
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