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What is a Company

A Company is an intentional association of person formed for the purpose of doing some business. The company can sue and it can be sued. It has a separate legal entity and its own name distinct from its members who constitute it. A company has its own property, the members (shareholders) can not claim the property of the company as their own property.

A business is a legally recognized organization designed to provide services and goods to consumers. Businesses are principal in capitalist economies, most being privately owned and formed to earn profit that will increase the wealth of its owners and grow the business itself. The operators and owners of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of risk. Notable exceptions include state owned enterprises and cooperative enterprises. Businesses can also be formed not-for-profit or be state-owned.

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