A company does not die or cease to exist unless it is specifically wound up or the task for which it was formed has been completed. Membership of a company may keep on changing from time to time but that does not affect life of the company. Death or insolvency of member does not affect the existence of the company.
A company as an entity has several distinct features which together make it a unique organization. The following are the defining characteristics of a company –
- Separate Legal Entity
- Limited Liability
- Perpetual Succession
- Separate Property
- Transferability of Shares
- Common Seal
- Capacity to sue and being sued
- Separate Management
- One Share-One Vote.
Company laws in India: a complete guide to company law, Statutes, judgements, case laws, ROC rules, Corporate law.