Page 188 - DMGT407Corporate and Business Laws

Lal Professional University Unit 7: Concept of a Company

Unit 7: Concept of a Company Notes

CONTENTS
Objectives
Introduction
7.1 Concept of a Company
7.2 Features of a Company
7.2.1 Incorporated Association
7.2.2 Artificial Person
7.2.3 Separate Legal Entity
7.2.4 Limited Liability
7.2.5 Separate Property

7.2.6 Transferability of Shares
7.2.7 Perpetual Existence
7.2.8 Common Seal
7.2.9 Company may Sue and be Sued in its own Name
7.3 Lifting of the Corporate Veil
7.4 Illegal Association
7.5 Classification of Companies
7.5.1 Private and Public Companies
7.5.2 Distinction between Private and Public Company
7.5.3 Special Privileges and Exemptions Available to a Private Company
7.5.4 Conversion of Private Company into a Public Company
7.5.5 Conversion of Public Company into a Private Company
7.5.6 Holding and Subsidiary Companies

7.5.7 Non-trading Company or Association not for Profit
7.5.8 Government Company
7.5.9 Foreign Company
7.6 Summary
7.7 Keywords
7.8 Review Questions
7.9 Further Reading

Objectives

After studying this unit, you will be able to:

Explain the notion of a company;
Discuss the features of a company;
Describe the classification of companies.

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