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Company is an institution created to conduct business. A company in common parlance means a group of persons associated together for the attainment of a common end, social or economic. It is a voluntary association of persons.
Some also defines it as an association of many persons who contribute money or money's worth to a common stock, and employ it in some common trade or business and share the profit or loss arising there from.
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Two important characteristics of a company is separate legal entity and limited liability of it's members.
- Companies can be classified as Incorporated and Unincorporated.
- Incorporated companies can be further classified as Statutory and Registered Companies
- Registered Companies are further classified as Limited and Unlimited Companies
- Limited Companies can be classified as Limited by Shares and Limited by Guarantee
- Public or private also identifies all registered companies.
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