A company having its separate legal entity is the owner of its own assets and bound by its liabilities. 0000043395 00000 n Hey, 0000045166 00000 n Correspondence address of company till its registration must be established. There can be many other possible grounds on which court can lift the veil of a corporation to get to know the true picture of working of any company. 14. According to section 2(92) of the Act, any company not havings limit on the liability of its members is termed as an unlimited company. Even though the company does not get the citizenship status of a country, it still can get a residential status. Private company: minimum 2 members – maximum 50 members Its creditors cannot obtain satisfaction from the assets of its member’s liability of the shareholders and members is limited to the amount invested by them in the company; similarly, creditors have no to the assets of the corporation. There are two types of companies which are as follows. Indian Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, sets out the responsibilities of companies, their executive director and secretaries and also provides for the procedures for its winding. The Companies Act 2013 is an Act of the Parliament of India on Indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company. After collecting all the information and documents, the registrar shall register all the documents and information given to him and issue a certificate in a prescribed form to ratify the company proposed is incorporated under this act. Statutory Company – It is incorporated by a special Act passed either by the Central or State legislature. Within 30 days of its establishment, it has to furnish important documents to the registrar as per Sec 380. Companies which are incorporated under section 7 of the companies act 2013 or any other previous companies law. Section 2(46) of the Act states that when one company is having control over the composition of the board and the company holds the majority of shares in the other company is known as holding the company of that other company. Such a company derives its nature on the basis of the charter under which they are formed. A company has a perpetual existence i.e it has no soul to be saved or body to be kicked. All the acts of the company are authorised by its common seal. Following are the grounds for making the classification of companies. states that a company means any association of person registered under the present or the previous companies act. 0000001632 00000 n Under common law, a company is defined as a ‘legal person’ or ‘legal entity’ separate from its member and capable of being surviving beyond the lives of its members. To see this page as it is meant to appear, please enable your Javascript! Limited Liability. If the shares of a member are fully paid up then his liability will be nil. Restricts the transfer of shares by its members, Limits the maximum number of members to 50, Prohibits any invitation or acceptance of public deposits, Prohibits invitation to public for debentures of the company, It can be started with only 2 members (minimum members). 20. 0000008848 00000 n जानें रावण दहन और विजयादशमी पूजा का मुहूर्त तथा महत्व, RCB vs KKR: मोहम्मद सिराज ने रचा इतिहास, IPL में ऐसा कमाल करने वाले पहले खिलाड़ी बने, High Speed Train: दिल्ली से लखनऊ का सफर 2 घंटे 30 मिनट में, सिर्फ 4 घंटे में पहुंचे वाराणसी, Bihar, Parsa Election 2020: तेजप्रताप यादव की पत्‍नी ऐश्‍वर्या ने छुए नीतीश के पैर, लोगों से कहा आपके बीच आऊंगी, दिवाली से पहले केंद्र ने दी बोनस की सौगात, 30 लाख से अधिक कर्मचारियों को मिलेगा फायदा, IPL मैच के दौरान भड़के सुनील गावस्कर, कहा- पृथ्वी शॉ की मानसिकता खराब है, CAT 2020 - Tips to prepare for Quant Section | Expert Speak | Alok Bansal, CBSE Class 9 Complete Study Material for 2020-2021: Download Best Resources for Self-Study, NCERT Books for Class 9 Hindi 2020-2021 - Download in Chapter-Wise PDF, BPSC 65th Mains Admit Card 2020 to release soon @bpsc.bih.nic, Check CCE Exam Admit Card & Exam Schedule Here, जानिये ये हैं इंडियन स्टूडेंट्स के लिए प्रमुख करैक्टर बिल्डिंग टिप्स, इन्वेस्टमेंट बैंकिंग: भारत में टॉप कोर्सेज और करियर स्कोप, This website follows the DNPA’s code of conduct, Rajasthan Police Constable Admit Card 2020 to Release on 25 October @police.rajasthan.gov.in, Check Exam Date & Latest Updates Here, UPSC IAS Mains 2020: Syllabus for Statistics Optional Papers, AFCAT (2) 2020 AFSB Interview Dates Selection Process: Select AFSB Interview Dates @afcat.cdac.in before 25th October 2020 (11 AM), SSC Selection Post 8 Admit Card 2020 to Release Soon, Check Phase 8 Graduate, Sr Secondary and Matriculation Application Status Here, SSC Selection Post 8 Application Status 2020 for Southern Region Released @sscsr.gov.in, Check Region-wise Graduate Level, 10+2 Level and 10th Level Region-wise Status Here, HP Conductor Answer Key 2020 out @hpsssb.hp.gov.in, Raise Objections if any by 26 October, SSC जूनियर इंजीनियर (जे०ई०): नौकरी प्रोफाइल, वेतन संरचना और करियर ग्रोथ, SSC JE (Junior Engineer) 2020: Check Salary after 7th Pay Commission, Job Profile, 887 Vacancies & Promotion Policy, UPSSSC Excise Constable Result 2016 Out @upsssc.gov.in, Download Aabkari Sipahi Result Here, NCERT Book for Class 10 Geography (in English & Hindi) - Latest textbook in chapter-wise PDF for 2020-2021, SSC JE 2020 Paper-1 Begins from 27th October: Check Important SSC Junior Engineer Civil/Electrical/Mechanical Engineering Topics to score high marks.

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