Complete study guide with 5 practice questions, detailed explanations, and expert solutions for Introduction & Meaning in CA Foundation Business Laws.
Free study material for CA Foundation Business Laws — The Companies Act, 2013
Introduction & Meaning (Section 2): Company is association of persons carrying on business with view to profit. Key features: Separate legal entity, limited liability, perpetual succession, transferable shares, democratic management. Company creation requires formal incorporation; differs from partnership (no separate entity) and LLP (hybrid structure). For accountants, company structure provides maximum liability protection but requires regulatory compliance.
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