An artificial person created by Law is called a Company.

A company is a legal entity that is created by law and is separate from its owners. It is an artificial person that is given certain rights and obligations under the law. Let's understand this in detail:

What is an artificial person?
- An artificial person, also known as a legal person, is a non-human entity that is recognized by law as having legal rights and responsibilities.
- It is created by law to serve certain purposes, such as conducting business, owning property, entering into contracts, and being held liable for its actions.
- Artificial persons can include not only companies but also other entities like government bodies, organizations, associations, and even some non-human entities like ships.

What is a company?
- A company is a specific type of artificial person that is created by law to engage in business activities.
- It is a separate legal entity from its owners, known as shareholders or members, and has its own rights, obligations, and liabilities.
- The owners of a company enjoy limited liability, which means their personal assets are generally protected from the company's debts and liabilities.

How is a company created?
- A company is created by going through a process called incorporation, which involves registering the company with the relevant government authority.
- The process of incorporation typically requires the submission of certain documents, such as the company's memorandum of association and articles of association, to the authority.
- Once the company is incorporated, it is issued a certificate of incorporation, which serves as proof of its legal existence.

Advantages of a company:
- Limited liability for shareholders.
- Perpetual succession, meaning the company can continue to exist even if its shareholders change.
- Ability to raise capital by issuing shares.
- Separation of ownership and management, allowing for professional management.

Conclusion:
In summary, a company is an artificial person created by law to engage in business activities. It is a separate legal entity with its own rights and obligations. Through the process of incorporation, a company is registered and issued a certificate of incorporation, establishing its legal existence. The concept of a company allows for limited liability for its owners and various advantages in conducting business.