150x Filetype PDF File size 1.45 MB Source: www.shobhituniversity.ac.in
Prepared by: Ms. Neha Rani Assistant Professor School of Business Studies Shobhit Institute of Engineering and Technology (Deemed to be University) Meerut Definition, characteristics and kinds of companies, steps in formation of company. Memorandum of association, articles of association and prospectus. Directors: appointment, power, duties and liabilities, meeting and resolutions: types of meetings. Auditor: appointment, rights and liabilities. Modes of winding up of a company Definition of a "Company" A company is a "corporation" - an artificial person created by law. A human being is a "natural" person. A company is a "legal" person. A company thus has legal rights and obligations in the same way that a natural person does. According to Section 3(1) (i) and (ii) of the Companies Act 1956, a company means, “A company formed and registered under this Act or an existing company. An existing company means a company formed and registered under any of the former Companies Act. ” The Act provides the procedure of forming and registering a company. Once registered or incorporated, a company becomes a ‘body corporate’. A company may be defined as an incorporated association which is an artificial person having a separate legal entity, with a perpetual succession, a common seal, a common capital comprised of transferable shares and carrying limited liability.
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