Defintion of Company:
According to Company act, 1956 section 3(1) (i) & (ii), “It is a company, who is worked under company act and co-operate their rules & regulation in his services and who is under-worked, it will also keep in their regulation. Under-worked company is who is registered according to old company act and worked into old procedures.
Characteristics of Company:
1. Incorporated Association: It’s most important adjustment in prevalent company. A Joint Capital Company built up by registration. In any registered company or partership firm who is build up of earn profit and member most requirement more than 10 in banking trade & more than 20 in other trade.
2. Artificial Legal Person: Company’s most important characteristic is being an artificial person build up legislation. It’s a invisible, un-statue & immortal person. They have many authorities and responsibilities towards the natural people and it’s built un-natural methods.