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| In a simple words a company may be defined as a
voluntary association of persons who have come together
for carrying on some business like the promotion of
commerce , art ,science, religion, charity or any other
object and sharing the profits there from.
| Section 3(1)(i) of the Companies Act, 1956 defines a
company as: ³a company formed and registered under this
Act or an existing Company´.
| µExisting Company¶ means a company formed and
registered under any of the earlier Company Laws
„ 
| phe company act came into force from 1 April 1956.
| phe act was based upon the recommendation of company
law committee appointed under the chairmanship of Mr.
C. H. Bhaba on 25 -10-1950.
| phe committee submitted its report in 1952. phe Indian
company act extends to the whole India.
    
1. Development of a company because a corporate
form of business organisation constitute a very
important sector of economy.

2. Protect the interest of large number of share holder


as they have a separate ownership from management
in joint stock companies.

3. Safe guard the interest of the creditors so that they


have there money on time
.
Y. po equip the government with necessary powers so
that the interest of the consumer, labors and
suppliers can be protected.

5. po attain the ultimate goal of the economic policy that


is establishing a socialistic pattern of society
          
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companies in which the liability of its members is limited to the extent of
the amount unpaid on the shares held by a particular member.

| COMPANY LIMIpED BY GUARANpEE


phe liability of members is limited to a fixed amount which members
undertake to contribute to the assets of the company in case of its winding
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| UNLIMIpED COMPANIES
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