1. Perpetual Succession: A company continues to exist irrespective of changes in ownership or the demise of its members.
2. Common Seal: The common seal is the official signature of the company used for validating documents.
3. Artificial Person: A company is considered a legal entity that can enter contracts, own property, and sue or be sued.
4. Liability: Shareholders have limited liability, meaning they are only responsible for the unpaid value of their shares, protecting personal assets from business debts.
These features make a company a distinct legal entity, providing stability and legal protection to its members.
Class | 0 – 15 | 15 – 30 | 30 – 45 | 45 – 60 | 60 – 75 | 75 – 90 |
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Frequency | 11 | 8 | 15 | 7 | 10 | 9 |