Company is the one of the oldest term used in the business. In short definiton Company means any entity engaging in business, such as a proprietorship, partnership, or corporation. A company is a form of business organization. Generally, a company may be a “corporation, partnership, association, joint-stock company, trust, fund, or organized group of persons, whether incorporated or not, and any receiver, trustee in bankruptcy, or similar official, or liquidating agent, for any of the foregoing.” According to the English Law, a company is a form of body corporate or corporation, generally registered under the Companies Acts or similar legislation. It does not include a partnership or any other unincorporated group of persons.
Business – The Source of Money
Company Types
There are various types of company that can be formed in different jurisdictions, but the most common forms of company are:
* A company limited by guarantee
Commonly used where companies are formed for non-commercial purposes, such as clubs or charities. The members guarantee the payment of certain (usually nominal) amounts if the company goes into insolvent liquidation, but otherwise they have no economic rights in relation to the company. This type of company is common in England.
* A company limited by shares
The most common form of company used for business ventures. This type of company is common in UK.
* A company limited by guarantee with a share capital
A hybrid entity, usually used where the company is formed for non-commercial purposes, but the activities of the company are partly funded by investors who expect a return. This type of company may no longer be formed in the UK, although provisions still exist in law for them to exist.
* A limited-liability company.
An unlimited company with or without a share capital. A hybrid entity, a company where the liability of members or shareholders for the debts (if any) of the company are not limited.
Economy – Backbone of the Country
* Companies formed by letters patent
Most corporations by letters patent are corporations sole and not companies as the term is commonly understood today.
* Charter corporations
Before the passing of modern companies legislation, these were the only types of companies. Now they are relatively rare, except for very old companies that still survive.
* Statutory Companies
Relatively rare today, certain companies have been formed by a private statute passed in the relevant jurisdiction.
Company – A Corporation to Earn Profit
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