CLAT PG Exam > CLAT PG Notes > Company Law > Meaning of a Company
Meaning of a Company | Company Law - CLAT PG PDF Download
Meaning
- The term 'company' comes from the Latin words 'com' meaning 'with' or 'together' and 'panis' meaning 'bread.' Originally, it referred to a group of people who shared meals together.
- In the past, merchants used festive gatherings as opportunities to discuss business matters.
- Today, business discussions have become more complex and are no longer suited for festive occasions, leading to the increased significance of the company as a form of organization.
Definition
- A company is a corporate body and a legal person with a status and personality that is distinct and separate from its members.
- It is called a body corporate because the individuals making it up are united into one body through legal incorporation, which gives it legal personality.
- The term ‘corporation’ comes from the Latin word ‘corpus,’ meaning ‘body.’ A corporation is a legal person created through a process other than natural birth, which is why it is sometimes referred to as an artificial legal person.
- As a legal person, a corporation has many of the same rights and liabilities as a natural person.
Question for Meaning of a CompanyTry yourself: What does the term 'corporation' refer to in the context of a company?View Solution
Types of Incorporated Companies
An incorporated company is created either by a special Act of Parliament or through company law.
Public Corporations
- Examples: Life Insurance Corporation of India, State Bank of India (SBI).
- These corporations are established by special Acts of Parliament.
Companies
- Examples: Tata Steel Ltd., Reliance Industries Limited.
- These companies are formed under company law, specifically the Companies Act.
- The Companies Act, 1956, has been replaced by the Companies Act, 2013.
The document Meaning of a Company | Company Law - CLAT PG is a part of the CLAT PG Course Company Law.
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FAQs on Meaning of a Company - Company Law - CLAT PG
| 1. What is the legal definition of a company in the context of CLAT PG? |  |
Ans. A company is defined as a legal entity that is distinct from its owners, created under the Companies Act, which can enter into contracts, hold assets, and incur liabilities. It is recognized by law and has its own rights and obligations.
| 2. What are the different types of incorporated companies? | |
Ans. There are several types of incorporated companies, including private limited companies, public limited companies, and one-person companies. Each type has distinct features regarding ownership, liability, and regulatory requirements.
| 3. What is the process of incorporation for a company? | |
Ans. The process of incorporation involves selecting a company name, preparing the memorandum and articles of association, filing necessary documents with the Registrar of Companies, and obtaining a certificate of incorporation, which officially creates the company.
| 4. What are the advantages of forming an incorporated company? | |
Ans. The advantages include limited liability for shareholders, perpetual succession, easier access to capital through share issuance, and enhanced credibility in the eyes of investors and customers, which can facilitate business operations.
| 5. How does the concept of limited liability protect the owners of a company? | |
Ans. Limited liability protects the owners by ensuring that their personal assets are not at risk for the company's debts and obligations. Shareholders are only liable to the extent of their investment in the company, which safeguards their personal finances from business losses.
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