Meaning and Concept of Company, Characteristics of Company, Types of Companies. Concept of Memorandum of Association, Article of Association and Prospectus relating to shares and debentures.
A company is a voluntary association of a group of people willing to carry out a business for which the major part of the capital is collected by selling the shares or debentures to the general public. It is an artificial person, which is created by the specific law with a perpetual succession. There comes a existence of a company to overcome the limitations of the sole proprietorship and partnership and to facilitate larger scale of production.