Introduction of a company

Introduction of a company :

The word company ordinarily means as association of a number of persons for some

common purpose. In its legal form a company is an artificial person created by law.

Section 3(1) (i) of the Companies Act, 1956 defines a Company as, “A company formed,

and registered under this act or an existing company”. ‘An existing company’ means a

company formed and registred under any of the former Companies Act.

Haney’s defines, “A company is an incorporated association which is an

artificial person created by law, having a separate entity with a perpetual

succession and a common seal”.