All questions of Alteration Of Share Capital for B Com Exam

What is the main characteristic of a company as defined by Justice James?
a)
Separate legal entity
b)
Voluntary association of persons
c)
Common seal
d)
Perpetual succession
Correct answer is option 'B'. Can you explain this answer?

Universal Academy answered

A company is defined as a voluntary association of persons who contribute money or money's worth to a common stock and use it for a common purpose. This is a fundamental characteristic of a company.

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