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Meaning of Company

The word company is derived from the latin word ‘com’ i.e. With or together and ‘panis’ i.e. Bread. Originally the word referred to an association of persons or merchant men discussing matters and taking food together.

In law ‘company’ is termed as a company which is formed and registered under the companies act, 1956 or an existing company formed and registered under any of the previous laws.

As per this definition of law, there must be group of persons who agree to form a company under the law and once formed; it becomes a separate legal entity having perpetual succession with a distinct name of its own and a common seal. Its existence is not affected by the change of members.

According to justice marshal “a corporation is an artificial being, invisible, intangible and existing only in the contemplation of law”.

According to lord justice hanay “a company is an artificial person created by law with a perpetual succession and a common seal”.

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