Question

What is company and their types in corporate accounting?

Answer 1

A voluntary association formed and organized to carry on a business. Types of companies include sole proprietorship, partnership, limited liability, corporation, and public limited company.

Answer 2

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Company refers to a group of people working together to achieve something like, developing a software as a team, running hotels etc. Legally a company needs to be registered as private limited or partnership firm.

Types Of Companies

Based On The Number Of Members

• Public Limited Company
• Private Limited Company
• ONE Person Company

Based On The Liability Of The Members

• Companies Limited By Shares
• Companies Limited By Guarantee
• Unlimited Company

Based On The Mode of Incorporation

• Chartered Companies
• Registered Companies
• Unregistered Company
• Limited Liability Company (LLC)
• Business Corporation
• Government Company