Question
Define the term "company". Distinguish it from, partnership and limited liability partnership.
Answer :
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Skip in 10
A company is a legal entity formed by a group of individuals to engage in and operate a business enterprise. It is recognized under the law as a separate legal personality distinct from its members, meaning it can own property, enter into contracts, sue and be sued in its own name. Companies are generally registered under statutes such as the Companies Act, 2013 in India, which lays down provisions for incorporation, management, and regulation of companies. The members of a company, also known as shareholders, contribute capital and enjoy limited liability, meaning their personal assets are generally protected from the company’s debts beyond their shareholding. A company may be private or public depending on its size, the ability to invite public investment, and regulatory compliance requirements. The concept of a company differs significantly from a partnership. A partnership is an agreement between two or more persons to share profits and losses
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