EC, 28851 25025 26 www.mastermindsindia.com 1. COMPANY BASIC CONCEPTS Ys. | Define the Company and State its essential features. ‘That pat of contribution is called as share Essential Features of a Company From Latin words com + Pani com means together. pani means bread [An association of people contibuting money's worth towards the capital of the company f t J Y ‘Aeiticil personality Separate legal entity t t Limited Perpetua Common seal Nationality lieilty suecession Created by law For authentication | (Decided by place of] of documents incorporation Dissolution ‘Authority to sue 84 geting suger JS a) Citizenship ae By law only ~ Applicbilty of companies act Companies estebished Insurance, banking & electricity & other under CA, 2013 (or) CA companies incorporated by special act to Any previous company law the extent of consistency ‘Company is not acitizen Body corporate notified by CG Ei ‘What do you understand by “Separate Legal Entity” of Company. of Seperate Legal Entity | Inspection ofvellof] [Share holders ] [Assets of company] [Members can enter Incorporation notliablefor the | | arenotassets of | | into contact with the acts of company SH company Company's labile are tobe discharged from its ‘own resources IPCC | 37e | Flowcharts | Company Law