Question

Define company and explain its special characteristics

Answer 1

Thus, a company may be defined as “an incorporated association which is an artificial -person created by law, having a separate entity, with a perpetual succession, a common seal, capital divided into transferable shares and carrying limited liability.”

Answer 2

Answer:

A company is an artificial person and has a legal entity quite distinct from its members. Being separate legal entity, it bears its own name and acts under a corporate name; it has a seal of its own; its assets are separate and distinct from those of its members.