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A company, abbreviated as co., is a legal entity representing an association of legal people, whether natural, juridical or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals.
Over time, companies have evolved to have following features: "separate legal personality, limited liability, transferable shares, investor ownership, and a managerial hierarchy".[1] The company, as an entity, was created by the state which granted the privilege of incorporation.[1]
Companies take various forms, such as:
- voluntary associations, which may include nonprofit organizations
- business entities, whose aim is to generate sales, revenue, and profit.
- financial entities and banks
- programs or educational institutions
A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duties according to the publicly declared incorporation published policy. When a company closes, it may need to be liquidated to avoid further legal obligations. Companies may associate and collectively register themselves as new companies; the resulting entities are often known as corporate groups.
- ^ a b Turner, John D. (January 30, 2024). "Three centuries of corporate governance in the United Kingdom". The Economic History Review. doi:10.1111/ehr.13326. ISSN 0013-0117.