define company and its characteristic
Answers
Answered by
0
Meaning and Definition of a Company
“Company” in the common usage refers to a voluntary association of individuals formed for the purpose of attaining a common social or economic end. Strictly speaking, the term “Company” has no technical or legal meaning. In the common law, a company is a juristic personality or legal person separate from its members. Thus, it exists only in the contemplation of law.
Characteristics of a Company
The definitions quoted above illuminate the principal attributes of a company, otherwise known as a corporation. They are given below:
1. Legal Personality: The law divides person into two kinds viz.,
natural persons, and
legal persons.
Natural persons are human persons such as men, women, children etc. The natural persons are the creations of nature.
Legal persons or artificial persons, on the other hand, are created and devised by human laws i.e. created by a legal process and not through natural birth. An artificial person, though abstract, invisible and intangible, can do everything like a natural person except a few acts, which only natural persons can do.
Hope it helps you please mark me as brainlist
“Company” in the common usage refers to a voluntary association of individuals formed for the purpose of attaining a common social or economic end. Strictly speaking, the term “Company” has no technical or legal meaning. In the common law, a company is a juristic personality or legal person separate from its members. Thus, it exists only in the contemplation of law.
Characteristics of a Company
The definitions quoted above illuminate the principal attributes of a company, otherwise known as a corporation. They are given below:
1. Legal Personality: The law divides person into two kinds viz.,
natural persons, and
legal persons.
Natural persons are human persons such as men, women, children etc. The natural persons are the creations of nature.
Legal persons or artificial persons, on the other hand, are created and devised by human laws i.e. created by a legal process and not through natural birth. An artificial person, though abstract, invisible and intangible, can do everything like a natural person except a few acts, which only natural persons can do.
Hope it helps you please mark me as brainlist
Answered by
5
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.
Similar questions