NATURE OF COMPANY
NATURE OF A COMPANY
What is a company?
‘com’ means ‘with or together’ and the word ‘panies’ in Latin means ‘bread’.
a voluntary association of persons for some common object or objects that can be either
economical or non-economical.
but the idea of a company - A more complicated form of association, with a large
membership and an elaborate organization which is why it should be conferred legal
personality.
Companies Act, 2013 even allows a company to be formed and registered for non-economic
purposes
Definition Section?
Section 2(20) of the Companies Act, 2013 defines a company to mean a company
incorporated under this Act or under any previous company law
Who handles the administration?
NATURE OF COMPANY 1
, the Ministry of Corporate Affairs and the Registrar of Companies - that deals with
the administration of companies and Limited Liability Partnerships (LLPs) in India.
Apex body for accounting and auditing standards?
The National Financial Reporting Authority (NFRA)
Body for promotion of investors' awareness and protection of the
interests of investors?
Investor Education and Protection Fund (IEPF)
What are the features of a Company?
characteristic features of a company are ‘separate legal entity’ of the company and in
most cases ‘limited liability’ of its member
1) Incorporated Association
a company should be incorporated or registered under the Companies Act,
2013.
Minimum Members for a Public Company
7 members
Minimum Members for a Private Company
2 members
2013 Act brought the concept of One Person Company
2) Legal Personality
has a separate legal personality, i.e., the company is identified separately from
its members
business belongs to the company and not to its individuals and members
this principle was identified in which case?
Solomon v. Solomon
Partnership is based on the concept of?
on the concept of agency wherein each Partner becomes an agent of
the other, whereas company is a separate legal entity.
NATURE OF COMPANY 2
NATURE OF A COMPANY
What is a company?
‘com’ means ‘with or together’ and the word ‘panies’ in Latin means ‘bread’.
a voluntary association of persons for some common object or objects that can be either
economical or non-economical.
but the idea of a company - A more complicated form of association, with a large
membership and an elaborate organization which is why it should be conferred legal
personality.
Companies Act, 2013 even allows a company to be formed and registered for non-economic
purposes
Definition Section?
Section 2(20) of the Companies Act, 2013 defines a company to mean a company
incorporated under this Act or under any previous company law
Who handles the administration?
NATURE OF COMPANY 1
, the Ministry of Corporate Affairs and the Registrar of Companies - that deals with
the administration of companies and Limited Liability Partnerships (LLPs) in India.
Apex body for accounting and auditing standards?
The National Financial Reporting Authority (NFRA)
Body for promotion of investors' awareness and protection of the
interests of investors?
Investor Education and Protection Fund (IEPF)
What are the features of a Company?
characteristic features of a company are ‘separate legal entity’ of the company and in
most cases ‘limited liability’ of its member
1) Incorporated Association
a company should be incorporated or registered under the Companies Act,
2013.
Minimum Members for a Public Company
7 members
Minimum Members for a Private Company
2 members
2013 Act brought the concept of One Person Company
2) Legal Personality
has a separate legal personality, i.e., the company is identified separately from
its members
business belongs to the company and not to its individuals and members
this principle was identified in which case?
Solomon v. Solomon
Partnership is based on the concept of?
on the concept of agency wherein each Partner becomes an agent of
the other, whereas company is a separate legal entity.
NATURE OF COMPANY 2
