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Characteristics of a Company

A company as an entity has many distinct features which together make it a unique organization. The essential characteristics of a company are following:

parate Legal Entity:

Under Incorporation law, a company becomes a separate legal entity as compared to its members. The company is distinct and different from its members in law. It has its own seal and its own name, its assets and liabilities are separate and distinct from those of its members. It is capable of owning property, incurring debt, and borrowing money, employing people, having a bank account, entering into contracts and suing and being sued separately.

ited Liability:

A company does not cease to exist unless it is specifically wound up or the task for which it was formed has been completed. Membership of a company may keep on changing from time to time but that does not affect life

Separate Property:

Shares in a company are freely transferable, subject to certain conditions, such that no share-holder is permanently or necessarily wed

Common Seal:
Capacity to sue and being sued:

A company can sue or be sued in its own name as distinct from its members.

Separate Management:
One Share-One Vote:

The principle of voting in a company is one share-one vote i.e. if a person has 10 shares, he has 10 votes in the company. This is in direct distinction to the voting principle of a co-operative society where the "One Member - One Vote" principle applies i.e. irrespective of the number of shares held, one member has only one vote.

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