A corporation is a legal entity that is separate and distinct from its owners. Company law definition and meaning collins english. Another comprehensive and clear definition of a company is given by lord. An overview 2 common law, equity and statute law 23 custom 25 case law 26 nature of equity 32 application of principles of equity 34. Being a mere creature of law, it possesses only those properties which the character of its creation of its creation confers upon it either expressly or as incidental to its very existence. Written by one of the foremost experts in the area, paul davies introduction to company law provides a comprehensive conceptual introduction, giving readers a clear framework with which to navigate the intricacies of company law. The five core features of company law separate legal personality, limited liability, centralized management, shareholder control, and transferability of. The process includes preparation and processing of a demand as well as the end receipt and approval of. There are many different structures a company can have, depending primarily on tax considerations and the type of business it does. A company is an intricate, centralized, economic, administrative structure run by professional managers who hire capital from the investors. Under company law, while charities need not be identified in annual reports, beneficiaries of political donations must be.
Like much of our course of british commercial and company law it is not easily compartmentalised, tort, contract, and equity all combine. The act provided for the first time that a company could be incorporated by registration without obtaining a royal charter or sanction by a special act of parliament. Corporate law corporations law, company law deals with the formation and operations of corporations and is related to commercial and contract law. In this law absorbed company one or more companies intended to merge with a surviving company in such a manner as to bring about the extinction of the absorbed company.
Jan 03, 2018 it includes company law lectures of cs puja shree agarwal. An organization of individuals conducting a commercial or industrial enterprise. They include a basic definition, a brief overview and a fuller explanation of practical application. Company law synonyms, company law pronunciation, company law translation, english dictionary definition of company law. A corporation, partnership, association, or joint stock company.
The line of business the company is in will generally. Where a court determines that a companys business was not conducted in. A legal concept that separates the personality of a corporation from the personalities of its shareholders, and protects them from being personally liable for the company s debts and other obligations. Members can join or leave the company but the company can continue forever. A company is a corporation an artificial person created by law. Browse our product catalogue and lecturer resources. The five core features of company law separate legal personality, limited liability, centralized management, shareholder control, and transferability of shares.
A legal concept that separates the personality of a corporation from the personalities of its shareholders, and protects them from being personally liable for the companys debts and other obligations. Icsi house, 22, institutional area, lodi road, new delhi 110 003. Company law meaning in the cambridge english dictionary. This includes all of the laws that govern how to start, buy, manage and close or. Dormant company a company which has been created for a future project or for holding assets including intellectual property of the company family owned business pvt ltd private limited company. Company law page 3 of 84 significant part in the regulation of larger companies and is widely discussed in the theoretical literature. Where a court determines that a company s business was not conducted in. Article 5 1 the company shall have a name and domicile within the territory of the republic of indonesia, as determined in the articles of association.
Distribution of power between board of directors and. The term refers to the legal practice of law relating to corporations, or to the theory of corporations. The office of the registrar of joint stock companies was also created. It has to act through a board of directors elected by shareholders. Revised under the authority of the law revision law 1999 revision. Corporations enjoy most of the rights and responsibilities that an individual possesses. A company thus has legal rights and obligations in the same way that a natural person. Acquire a knowledge of the legal environment in which businesses operate in the domestic and international market place. Among some of the more prominent examples are a sole. The law is a system of rules that a society or government develops in order to deal with. 46 iii other provisions with respect to a company s constitution 32 constitutional documents to be provided to members 33 effect of company s constitution 34 notice to registrar where company s constitution altered by enactment 35 notice to registrar where company s constitution altered by order. Business law, also called commercial law or mercantile law, the body of rules, whether by convention, agreement, or national or international legislation, governing the dealings between persons in commercial matters business law falls into two distinctive areas. Definition of company law collins english dictionary.
It includes company law lectures of cs puja shree agarwal. Accessory someone who encourages or helps another person to commit a crime. The importance in the study of company law of foundation course legal knowledge. Law the set of laws that control how businesses are formed and managed. It was rightly pointed out in bates v standard land co. Indian company law regulates the corporations formed under the section 220 indian companies act 20. Company means a company incorporated under this act or under any previous company law history. A companys life does not depend upon the death, insolvency or retirement of any or all of its shareholders or directors. Acceptor the organisation such as a bank which will pay the cheque or bill of exchange it has accepted. A company limited by shares is a company having the liability of its members limited by the memorandum of association to the amount, if any, unpaid on the shares respectively held by them. The first is a definition laid down in 1992 in the report of the cadbury committee, a committee established by the financial reporting council, the london stock exchange and the accountancy profession to consider the financial aspects of corporate governance. Definition of a company a company is a corporation an artificial person created by law. Company law and corporate governance european commission. Company a proprietorship, partnership, corporation, or other form of enterprise that engages in business.
A company is said to be a stable form of business organization. This designation serves as a marker for prospective creditors and customers so that they are aware that they are dealing with a limited liability company rather. Principles of business law contents study unit title page syllabus i 1 nature and sources of law 1 nature of law 3 historical origins 6 sources of law 9 the european community and uk law. Everything you need to know business law is the collection of legal requirements around forming, operating, dissolving, and engaging with a business. Shareholders rights directive 200736ec sets out certain rights for shareholders in listed companies.
Law definition and meaning collins english dictionary. An association of a number of individuals for the purpose of carrying on some legitimate business. This law, the articles of association of the company, and provisions of other legislations shall apply to the company. It exists in the eyes of the law and cannot act on its own. Companies have a crucial role to play in british commercial law. See, for example, its resolutions of 25 october 2007 on the european private company and the fourteenth company law directive on the transfer of the company seat oj c 263 e, 16. Finally they signpost some further resources for detailed understanding and research. Conclusion 919 references 920 abstract this chapter surveys the theoretical and empirical research on the main mechanisms of corporate law and governance, discusses the main legal and regulatory institutions. Company law fact sheets on the european union european. Corporate law and governance columbia business school. Accordingly a word used in legal documents which means therefore or so. In common law, a company is a legal person or legal entity separate from, and capable of surviving beyond the lives of its members. Mar 27, 2020 in terms of the companies act, 20 act no. The scope of company law the relationship between core company law, insolvency law, securities regulation and corporate governance.
Words highlighted in a definition are defined in the dictionary. The history of modern company law in england began in 1844 when the joint stock companies act was passed. A company may be organized in various ways for tax and financial liability purposes. Company law i 2008 2009 semester one lecture outline i an overview of our company law course semester one. The latest edition of all the books referred to above should be read. Company law page 2 of 84 separate legal personality of companies and exceptions to that principle in both statute and the common law. Business law, also called commercial law or mercantile law, the body of rules, whether by convention, agreement, or national or international legislation, governing the dealings between persons in commercial matters. Accomplice someone who helps another person to commit a crime. There has been a dramatic increase in the activities of government during the last hundred years. The definitions quoted above illuminate the principal attributes of a company, otherwise known as a corporation. Business law encompasses all of the laws that dictate how to form and run a business. The links are to the irish statute book produced by the attorney generals website the companies act 2014 replaced the companies acts 196320 on 1st june 2015. Recognise, give guidance of and discuss the rules of contract. Corporate law often describes the law relating to matters which derive directly.
The a to z guide to legal phrases plain english campaign. Liefmann, 1909, 1920 originating in the gilded age twain and warner, 187311 and later to the managerial corporation. Giving learners equal access to the information and tools they need at no extra cost gives them the best opportunity to engage and progress. A corporation is a legal entity created under the laws of the state its incorporated within. Acquire an understanding of the principles of common law system within the students own legal system and how it affects their business life. A company thus has legal rights and obligations in the same way that a natural person does.