An organization of business or voluntary association of many persons who invest money/capital under the existing law to gain profit and they share the profit and loss arising there from is called company. It is a separate legal entity organized under the authority of a government.
According to Justic John Marshal
“A company is an artificial being, invisible, intangible and existing only in contemplation of law”
According to Professor Y.K Bhuson
“ A company may be defined as an artificial person recognized by law, with a distinctive name, a common seal, a common capital comprising transferable shares of fixed value carrying limited liability and having a perpetual succession”.
According to Justice Lindle
“ A company is a voluntary association or an organization of many persons who contribute money or money’s worth to common stock and employ it in some trade or business and who share the profit or loss arising there from.”
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