Question:
Jayant intends to start a business in the form of a company. But he has no idea about the company. Guide him about the following with reference to a company:
Perpetual succession
Common seal
Artificial person
Liability
Jayant intends to start a business in the form of a company. But he has no idea about the company. Guide him about the following with reference to a company:
Perpetual succession
Common seal
Artificial person
Liability
Perpetual succession
Common seal
Artificial person
Liability
Updated On: Dec 14, 2024
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Solution and Explanation
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.
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