Company and main feauters of company

Explain. Or 'A company is a legal person distinct from its members taken individually or collectively' comment on tbe statement. In general, the term
'Company' means a voluntalY as!':odation of persons for some common purpose. The purpose may be to cal1'Y on for profit or some charitable or social
actiYlty without profit motive. legal entity or persona All incorporated company may be defined as "an artificial person,created by law having a perpetual
succession and a common seal." In other words, a company is defined as an association of persons, registered under the law having a distinctive name,
recognised as a separate legal entity, with a common capital contributed by the members and comprising transferable shares of a fixed denomination,
carrying limited liability, and having a continuous existence and a common seal. "An incorporated company is a totally different person or tbing or entity
from its members-tbe individuals comprising it". Explain and illustrate.' Or Like a natural person, a company can enter into contracts, and sue and be sued


in its own name, but unlike a buman being, you cannot sbake it by bands, or knock it down in a fit of temper, as it is inanimate and bas no pbysical shape
or form. Comment. Or A sbareholder of a company has no in Urable interest in its property.