Question

Distinguish between statutory and incorporated company​

Answer 1

Answer:

Statutory companies are public enterprises brought into existence by a Special Act of the Parliament. The Act defines its powers and functions, rules and regulations governing its employees and its relationship with government departments.

An incorporated company is a separate legal entity from the person or people forming it. Directors and officers purchase shares in the business and have responsibility for its operation. Incorporation limits an individual's liability in case of a lawsuit.

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Answer 2

Answer:

The differences between a statutory company and an incorporated company are as follows:

• A statutory company as the word suggests a company that is governed by statutes. In simpler words, is a government establishment that is formed by the parliament itself whereas an Incorporated company the words suggest, is a company that legally got the status of a separate legal entity.
• A statutory company is regulated by the rules made by the government whereas an Incorporated company follows specific MOA and regulations.
• Government employees are responsible to take care of the workings of a statutory company but in the case of an incorporated company, directors and shareholders are responsible to look after the company.
• Life Insurance Corporation (LIC), Reserve Bank of India (RBI), and State Bank of India (SBI) are some eminent examples of Statutory companies. Apple, IBM, Google, etc. are some eminent examples of Incorporated companies.