UNIVERSITY INSTITUTE

OF HOTEL MANAGEMENT
AND TOURISM
PANJAB UNIVERSITY CHANDIGARH
COMPANY LAW
A LEGAL PERSPECTIVE
DEFINITION OF COMPANY

 Company - No legal or Technical Meaning

1. COMPANIES ACT - “A Company formed and

registered under Companies Act” - Sec. 3(1)

2. COMMON LAW - “A Company is a ‘Legal

Person’ or ‘Legal Entity’ and capable of
surviving beyond the lives of its members.
EVOLUTION OF COMPANIES

 England

 Commercial Revolution
 Body corporate by Royal Charter - 17th and 18th Century
 Bubbles Act of 190 -> Promoting Companies illegal ->
 Repealed in 1825
 The Joint Stock Companies Act, 1844
 The English Act, 1948/1985 and 1989

 India

 Joint Stock Companies Act, 1850

 Companies Act, 1956
 Special Act of Parliament eg. Life Insurance Corporation of India, 1956
MEANING OF A COMPANY
 The word ‘company’ has no technical legal
meaning. It may be described as an association
of persons for some common objective. The
purposes for which people may associate
themselves are diverse and include economic as
well as non-economic objectives.

 But, in common parlance, the word company ‘is

normally reserved for those associated for
economic purposes, i.e., to carry on a business
for profit.
Company

 “ A company is an artificial person created by

law, having separate entity, with a perpetual
succession and common seal.”
By Prof.
Haney
Company, according to Lord Justice Lindley

 A company is meant an association of many persons who

contribute money or money’s worth to a common stock
and employ it in some trade or business, and who share
the profit and loss (as the case may be) arising there from.
 The common stock so contributed is denoted in money
and is the capital of the company.
 The persons who contribute it, or to whom it belongs, are
members.
 The proportion of capital to which each member is entitled
is his share.
 The shares are always transferable although the right to
transfer is often more or less restricted.
 (BY Lord Justice Lindley)
 M E A N IN G O F A C O M P A N Y

A C O M P A N Y IS A N
A S S O C IA T IO N O F P E R S O N S

F O R S O M E C O M M O N P U R P O S E V IZ .
B U S IN E S S , C H A R IT Y , R E S E A R C H E T C .

R E G IS T E R E D O R IN C O R P O R A T E D U N D E R
T H E C O M P A N IE S A C T W H E R E B Y IT A Q U IR E S
C E R T A IN A T T R IB U T E S

S e p a ra te T ra n s fe ra b le
L e g a l E n tity S h a re s

L im ite d S e p a ra te
L ia b ility P ro p e rty

P e rp e tu a l C o m m o n
S u c c e s s io n S e a l
 CHRACTERISTICS FEATURES OF A COMPANY

1. Incorporated association

2. Legal entity distinct from its members

3. Artificial person

4. Limited liability

5. Separate property

6. Transferability of shares

7. Perpetual succession

8. Common seal
9. Capacity to sue and to be sued
Separate Legal Entity

On incorporation under law, a company

becomes a separate legal entity as compared
to its members. The company is different and
distinct from its members in law. It has its own
name and its own seal, its assets and liabilities
are separate and distinct from those of its
members. It is capable of owning property,
incurring debt, borrowing money, having a
bank account, employing people, entering into
contracts and suing and being sued
separately.
Limited Liability

The liability of the members of the company is

limited to contribution to the assets of the
company up to the face value of shares held by
him. A member is liable to pay only the money
due on shares held by him when called upon to
pay and nothing more, even if liabilities of the
company far exceeds its assets.
Perpetual Succession

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.
Separate Property

A company is a distinct legal entity. The

company’s property is its own. A member

cannot claim to be owner of the company’s

property during the existence of the

company.
Transferability of Shares

Shares in a company are freely transferable, subject

to certain conditions, such that no shareholder is
permanently or necessarily wedded to a company.
When a member transfers his shares to another
person, the transferee steps into the shoes of the
transferor and acquires all the rights of the
transferor in respect of those shares.
Common Seal

A company is a artificial person and does not

have a physical presence. Therefore, it acts
through its Board of Directors for carrying out
its activities and entering into various
agreements. Such contracts must be under the
seal of the company. The common seal is the
official signature of the company. The name of
the company must be engraved on the
common seal. Any document not bearing the
seal of the company may not be accepted as
authentic and may not have any legal force.
Capacity to Sue and Being Sued

 A company can sue or be sued in its own

name as distinct from its members.

Separate Management

A company is administered and managed by its

managerial personnel i.e. the Board of Directors.

The shareholders are simply the holders of the

shares in the company and need not be necessarily

the managers of the company.                

One Share-One Vote:

 The principle of voting in a company is one

share-one vote. I.e. if a person has 10 shares,

he has 10 votes in the company.

Consequences of Non-registration

Law does not recognize an illegal

association. An illegal association
cannot enter into any contract, cannot
sue any members or any outsider, and
cannot be sued by any members or
outsiders for any of its debts.
Cont…
 The members of the illegal association

are personally liable for the obligations

of the illegal association. Any member

of an illegal association cannot sue

another member in respect of any

matter connected with the association.

Minimum Number of Members

A public company must have at least 7 members

whereas private company may have only 2 members.
If the number of members falls below the statutory
minimum and the company carries on its business
beyond a period of six months after the number has
so fallen, the reduction of number of members below
the legal minimum is a ground for the winding
(intended to bring sth to an end ) up of the company. 
 On the basis of the number of the
members, companies can be divided in
two:

 " A Private Company

 " A Public Company

 Cont…
 Public Company means a company which is not a private
company.

 Private Company means a company which by its articles of

association: -

 a. Restricts the right of members to transfer its shares

 b. Limits the number of its members to fifty. In determining this

number of 50, employee-members and ex-employee members are
not to be considered.

 c. Prohibits an invitation to the public to subscribe to any shares

 Cont…
 If a private company do not fulfill any of the
aforesaid three provisions, it ceases to be private
company and loses all the exemptions and
privileges, which a private company is entitled.
Following are some of the privileges and
exemptions of a private limited company:-

Minimum number is members is 2 (7 in case of

public companies)
Companies Deemed to be Public Limited Company

 A private company will be treated as a deemed

public limited company in any of the following
circumstances:-

 1. Where at least 25% of the paid up share capital of

a private  company is held by one or more bodies
corporate, the  private company shall automatically
become the public  company on and from the date
on which the aforesaid  percentage is so held.
 Cont…
 2. Where the annual average turnover of the private
company  during the period of three consecutive
financial years is not  less than Rs 25 crores, the
private company shall be,  irrespective of its paid up
share capital, become a deemed  public company.

 3. Where not less than 25% of the paid up capital of

a public  company limited is held by the private
company, then the  private company shall become a
public company on and  from the date on which the
aforesaid percentage is so held.
 Cont…
 4. Where a private company accepts deposits
after the invitation  is made by advertisement
or renews deposits from the public  (other
than from its members or directors or their
relatives),  such companies shall become
public company on and from  date such
acceptance or renewal is first made
Limited Companies
 On the basis of the liability of the members, a
company can be classified in

 " Limited Companies

 " Unlimited Companies

 Cont…
 Limited Companies

 Companies may be limited or unlimited

companies. Company may be limited by shares or
limited by guarantee.

 a. In this case of Companies limited by shares, the

liability of  members is limited to the amount of
share capital.  No member of company limited by
the shares can be called  upon to pay more than
the face value of shares.
 Cont…
 b. Company limited by the guarantee
A company
limited by  guarantee is a registered company
having the liability of its  members limited by
its memorandum of association to such 
amount as the members may respectively
thereby undertake  to pay if necessary on
liquidation of the company. The  liability of the
members to pay the guaranteed amount arises 
only when the company has gone into
liquidation.
Unlimited Company

 The liability of members of an unlimited company is

unlimited. Therefore their liability is similar to that of the
liability of the partners of a partnership firm. It may or may
not have a share capital.

 Under the Companies Act, 1956, the name of a public

limited company must end with the word _Limited_ and the
name of a private limited company must end with the word
_Private Limited_. However, under Section 25, the Central
Governmentmay allow companies to remove the word
_Limited / PrivateLimited_ from the name if the following
conditions aresatisfied :-
1. The company is formed for promoting
commerce, science,  art, religion, charity or
other socially useful objects.

 2. The company does not intend to pay

dividend to its  members but apply its profits
and other income in  promotion of its objects.
Holding & Subsidiary Company

 On the basis of the control, we can classify

company as

 Holding and Subsidiary companies

 Holding and Subsidiary Companies
  A company shall be deemed to be subsidiary of
anothercompany if: -

1. That other company controls the composition of its

board  of directors; or

 2. That other company holds more than half in face

value of  its equity share capital.

 3. Where the first mentioned company is subsidiary

company  of any company, which that other_s
subsidiary.
 eg Company  B is subsidiary of the Company
A and Company C is  subsidiary of Company
B, therefore Company C is  subsidiary of
Company A.The control of the composition of
the Board of Directors of
 the company means that the holding

company has the power atits discretion to

appoint or remove all or majority of
directorsof the subsidiary company without
consent or concurrence ofany other person.
Government Companys

 On the basis of the ownership, a company

can be classified as:

 " Government Companies

 " Non Government Companies

 " Foreign Companies

Government Companies

 It means any company in which not less than

51% of the paid-up share capital is held by
the Central Government or any State
Government or partly by the Central
Government and partly by the one or more
State Governments and includes a company
which is a subsidiary of a government
company. Government
Private Company & Public Company

 Private Company / Public Company

 Private company means a company which has

a minimum paid-up capital of one lakh
rupees or such higher paid-up capital as may
be prescribed, and by its articles,

 (a) restricts the rights to transfer its shares, if

any;
  (b) limits the number of its members to fifty not
including-

(i) persons who are in the employment of the

company, and

 (ii) persons who, having been formerly in the

employment of the company, weremembers of the
company while in that employment and have
continued to be membersafter the employment
ceased; and
 (c) prohibits any invitation to the public to
subscribe for any shares in, or debentures
of,the company ;

 (d) prohibits any invitation or acceptance of

deposits from persons other than its
member,directors or their relatives;Provided
that where two or more persons hold one or
more shares in a company jointly,they shall, for
the purposes of this definitions, be treated as a
single member;
  Public company means a company which –


(a) is not a private company;


 (b) has a minimum paid-up capital of five lakh
rupees or such higher paid-up capital, asmay
be prescribed;

 (c) is a private company which is a subsidiary

of a company which is not a privatecompany.
 • Every private company, existing on the commencement
of the Companies(Amendment) Act, 2000, with a paid-
up capital of less than one lakh rupees, shall,within a
period of two years from such commencement, enhance
its paid-capitalto one lakh rupees.

 • Every private company, existing on the commencement

of the Companies(Amendment) Act, 2000, with a paid-
up capital of less than five lakh rupees,shall, within a
period of two years from such commencement, enhance
its paidcapitalto five lakh rupees.
 • Every private company, existing on the commencement
of the Companies(Amendment) Act, 2000, with a paid-
up capital of less than five lakh rupees,shall, within a
period of two years from such commencement, enhance
its paidcapitalto five lakh rupees.

 • Where a private company or a public company fails to

enhance its paid-up capitalin the manner specified in
sub-section (3) or sub-section (4), such company shallbe
deemed to be a defunct company within the meaning of
section 560 and itsname shall be struck off from the
register by the Registrar.
Formation of a Private Company

 Formation of a Private Limited Company

 A private Company can be formed either by

i. incorporation of a new company for doing a

new business , or

 ii. Conversion of existing business of a sole

proprietary concern or partnership firm
 into a company.
 A sole proprietory or partnership business can
be converted into a company in any of
thefollowing ways:

 1. By outright sale of the business as a going

concern. It may be a block sale where
thefollowing takes over all the assets and
liabilities of the firm or it may be partial take
overof certain assets and liabilities. The
consideration may be based on itemized sale or
itmay be on slump sale basis.
  2. A company becoming a partner of the firm which
will be dissolved thereafter bymaking partners of the
firms the only shareholders of the newly incorporated
companyfor which the following steps should be taken:

(i) Form a private company as per the procedure.

 (ii) The proprietor of the existing business alongwith

some other persons (generally,family members and
friends) or the partners of the existing firms, are the
subscribers to
 the Company Memorandum of Association
 (iii) Make the newly formed company a partner with
the sole-proprietor or the partners ofthe existing
business. For this purpose a fresh partnership deed is
to be executed.

 (iv) Make a provision in the new partnership deed for

the transfer of all assets andliabilities of the firm to
any one of the partners who will pay off to the other
partners.

 (v) Dissolve the partnership with the whole business

going to the company as the solecontinuing partner.
 (vi) Every other partner of the firm (or the proprietor)
gets shares in the company in lieuof his interest in the
firm on dissolution.

 Name

 The name of a corporation is the symbol of its

personal existence. Any suitable namemay be selected
subject, however, to the following instructions:

 i. No company can be registered with a name which in

the opinion of the CentralGovernment is undesirable.
 ii. The name of the company should not be
identical with or should not too nearly
 resemble, the name of another registered

company, for such name may bedeclared

undesirable by the Central Government.

 iii. Whatever be the name of the company if

the liability of the members is limitedthe last
word of the name must be ‘Limited’ and in
the case of a private company
 ‘Private Limited’

 iv. Name of the Company must be printed on the

outside of every place where thebusiness of the
company is carried on. Such name including the
address of theregistered office, must also be
mentioned on all business letters and other
officialpublications, on all negotiable instruments
issued or endorsed by the company andon all
other orders, receipts, etc.
 Application for Availability of Name

 • The promoters should select three to five

alternative names, quite distinct fromeach other.

 • The names should suggest, as far as possible,

the main objects of the proposedcompany.

 • The names should not too closely resemble

with the name of any other registeredcompany.
 Company to be Registered within 6 Months of
Approval of the Name

 • After scrutiny of the application for availability

of name and finding no objectionto the proposed
name, the Register of Companies informs the
promoters to theincorporation of company by
that name within 7 days of receipt of
application.• The promoters should complete all
other formalities for registration within 6months
from the date of approval of name by Registrar.
 • Various documents required for the registration of
company must be filedsufficiently well before the period
of six months so that the company obtains thecertificate
of incorporation on a date which is within 6 months of
approval ofname, after these documents are vetted by
ROC.

 • If, for any reason the formalities cannot be completed,

the promoters should applyfor revalidation of name by
filling Form 1A afresh alongwith a request letter onplain
paper stating the reason together with a fee of Rs. 500
giving completereference to the letter of the Registrar.
 • If none of the names suggested is available,
the promoters should apply againselecting
fresh names, or removing the objections
raised, within a period of onemonth from the
date of the letter.

 • If no action is taken within this period, on

the rejection of the name, nameavailability
application is to be made afresh alongwith a
fee of Rs. 500 .
Foreign Companies

 Non Government Companies



 It is controlled and operated by a private

capital

 Foreign Companies

 By this, we mean a company incorporated in a

country outsideIndia under the law of that
other country and has establishedthe place of
business in India.
One Man Company
 There is another important type of company which is called as one
man company.

 One Man Company



 One man company is a company in which one man holdspractically

the whole of the share capital of the company, and inorder to meet
the statutory   requirement of minimum numberof members, some
dummy members who are mostly hisfriends or relations, hold just
1or 2 shares each. It is like anyother company is a legal entity
distinct from its members. Thedummy members are usually
nominees of the principalshareholder who is the virtual owner of
the business and who
 carries it on with limited liability.
  Procedure of Conversion of a Private Company into
 a Public Company

 A private company must by law include the following

condi-tions in its Articles of Association :-

a. The right to transfer its shares is restricted

 b. The number of members cannot be more than fifty. In 

calculating such number, employees / ex-employees who
are  also shareholders of the company are not to be
considered.
 c. The company cannot invite subscriptions
from the public for  subscribing to the share
capital or debentures of the  company

 d. The company cannot invite or accept

deposits from any  member of the public
other than members, directors and  their
relatives
 Following is the procedure to convert a private company
into a
 public company :-

 " Pass resolution in board meeting approving conversion

 " Convene general meeting of members for alteration of
name
   clause of Memorandum of Association and Articles of

   Association and pass special resolution thereat.

 " Make application to the Registrar of Companies (RoC) for 
approving conversion to public company. The application 
must be accompanied with the following documents :-
 Procedure of Conversion of Public Company into
 Private Company

 public company is subject to several legal provisions

which aprivate company is not required to comply
with. Since privatecompanies are generally owned by
fewer people and are closelyheld, several relaxations
in law have been made available toprivate companies.
As a result, the management may be of the
 opinion that it would be preferable to convert a public

companyinto a private company. This article aims to

give a broadoverview of the procedure involved. A
 Following is the procedure to convert a public company into
a
 private company :-

 " Pass resolution in board meeting approving conversion

 " Convene general meeting of members for alteration of

name  clause of Memorandum of Association and Articles of
   Association and pass special resolution thereat." Make
application u/s 31 of the Companies Act, 1956 to the 
Registrar of Companies (RoC) for approving conversion to 
public company. The application must be accompanied
with  the following documents :-
  The process of forming a company can be divided
into four
 distinct stages:


a. Promotion

 b. Registration or incorporation

 c. Capital Subscription

 d. Commencement of Business.
 We shall now discuss each of these four stages.

 Promotion

 This is the first stage in the formation of a
company. It refers tothe entire process by which a
company is brought into existence.It starts with
the conceptualization of the birth of a
companyand determination of the purpose for
which it is to be formed.Do you know what we
mean by promoters?
 Promoters

 The persons who conceive the company and invest the

initialfunds are known as the promoters of the company.
Thepromoters enter into preliminary contracts with
vendors andmake arrangements for the preparation,
advertisement and thecirculation of prospectus and
placement of capital. However, aperson who merely acts
in his professional capacity on behalf ofthe promoter (e.g.
lawyer, CA, etc) for drawing up the agree-ment or other
documents or prepares the figures on behalf of
 the promoter but the person to whom the promoter pays
isnot a promoter.
 Registration of the Company

 Once the documents have been prepared,

vetted, stamped andsigned, they must be
filed with the Registrar of Companies
forincorporating the Company. The following
documents must be
 filed in this connection: -
1. The Memorandum of Association duly signed
by  subscribers and the Articles of
Association, if any signed by  subscribers to
the Memorandum of Association

 2. An agreement, if any, which the company

proposes to enter  into with any individual for
appointment as its managing  director or
whole-time director or manager
 2.LIMITED LIABILITY
 - Shareholder liable only on the nominal value of shares
 - Limits personal risk

 3.PERPETUAL SUCCESSION
 - Company never dies
 - Like a River
 - Members may come and go, but Company can go on forever

 4.SEPARATE PROPERTY
 Walton. J- The property of the Company is not the property
 of shareholders, it is the property of the Company

 5.TRANSFERABLE SHARES
 The Shares and Debentures or other interest of any member
 in a Company shall be moveable property, transferable in
 the manner provided by the Articles of the Company
 6.CAPACITY TO SUE AND BE SUED
 - Can sue and be sued in its own name
 - Criminal complaint
 - Defamation
 - Infringement of privacy

 7.PROFESSIONAL MANAGEMENT
 Independent functioning of Managers assured as there is no
 human employer

 8.FINANCES
 - Raise Capital by Public Subscription
MANAGEMENT OF A COMPANY
 A company functions through the medium of Board of
Directors. However, certain powers have been reserved to
be exercised by shareholders in general body meetings. The
Companies Act, 1956 confers general power to the Board of
Directors. Board of Directors of a company shall be entitled
to exercise all such powers, and to do all such acts and
things, as the company is authorized to exercise and do.
Disadvantages of a Corporate Form

1. Formalities and Expenses

2. Corporate disclosures

3. Separation of control from ownership

4. Greater social responsibilities

5. Greater tax burden in certain cases

6. Detailed winding up procedure.

Distinction between Partnership and
Company
 Registration
 Membership

 Legal status

 Property

 Management

 Existence

 Liability

 Creditors
 Statutory obligation
Is Company a Citizen

 A company has nationality and domicile and

residence
 But it is not a citizen and therefore cannot be said to
have the fundamental rights expressly conferred only
upon citizens only.
 As per the Citizenship Act, 1955, only the natural
persons can be citizens of India. So a company
cannot be a citizen of India.
Is Company a property of the Shareholder?

 No, the company is not the property of its

shareholders. All the property in the name of the
company is its separate property which is controlled,
managed and disposed of by the company in its own
name.
 Thus the company is the owner of its assets and
capital.
 Moreover, the company being a separate legal person,
it cannot be construed as property of the shareholder.
 The decision of the Supreme Court in the case,
National Textile Worker’s Union vs. P. R.
Ramkrishnan, AIR 1993 (SC), has set at rest at the
debate which was going on this issue.
 COMPANIES

COVERED BY THE NOT COVERED BY

COMPANIES ACT THE COMPANIES ACT

PUBLIC PRIVATE STATUTORY CHARTERED

THESE COMPANIES MAY BE

1. Companies Limited by Shares
2. Companies Limited by Guarantee
3. Unlimited Companies
OTHER COMPANIES
1. Companies not for profit
2. Government Companies, 3. Foreign Companies
4. Holding and Subsidiary Companies
 FEATURES OF PRIVATE COMPANIES

A PRIVATE COMPANY
Means a Company which has a minimum paid-up
Capital of Rs. 1.00 lac
AND

1. Number of 2. Transfer of 3. Invitation 4. Invitation or

Members Shares for Public Acceptance of
Subscription Deposits

Minimum 2 Restricted No public Offer N o t a llo w e d f r o m

persons other than
Maximum 50 for Shares or
it s m e m b e r s , d ir e c t o r s
Debentures o r t h e ir r e la t iv e s
 FEATURES OF PUBLIC COMPANIES

A PUBLIC COMPANY
means a company which

Is formed by at least
Seven Persons
and

which is not a which has a which is a

a private paid-up pvt company
company capital of & subsidiary of
Rs. 5 lac a public company
 KINDS OF COMPANIES
1. Private companies

2. Public companies

3. Government companies

4. Foreign companies

5. Holding and subsidiary companies

6. Registered companies

7. Existing companies

8. Associations of persons not for profits

Types of Companies
 Royal chartered company
 Statutory companies
 Foreign company
 Government company
 One man company
 Holding company subsidiary company
 Company registered for promoting

commerce, art, science etc.

On the basis of the number of the members, companies can be divided in two -

• Private Company

• Public Company
On the basis of the liability of the members, a company can be classified as -

• Limited liability Companies

• Unlimited liability Companies

On the basis of the ownership, a company can be classified as:

• Government Companies

• Non Government Companies

• Foreign Companies
On the basis of the control, we can classify company as -

 Holding companies

 Subsidiary Companies
REGISTRATION / INCOPORATION
OF A COMPANY
 Procedures for registration / incorporation of a company :

1. Type of company;

2. Application for availability of name;

3. Preparation of memorandum and articles of association;

4. Vetting of memorandum and articles, printing, stamping and

 signing of the same;

 continue……..
 5. Preparation of other documents:

 (i) Power of attorney.



 (ii) Consent of the directors.



 (iii) Particulars of the directors.

 (iv) Notice of registered address.

 (v) Statutory declaration.

 6. Filing of documents for registrations;

 7. Certificates of incorporations.
Private Limited Company
 Maximum number of members 50
 Restrict the right to transfer its shares
 No deposit from public
 No issue of shares to public
Distinction between Public and
Private Company
 Members
 Transfer of shares
 Public invitation
 Name
 Privileges
 Number of directors
 Loans
 Minimum paid up capital
Companies Act 1956
 Lifting of corporate veil
 Certification of incorporation
 Certificate of commencement of business
 Promoter
 Preliminary or pre- incorporation contract.
Memorandum of Association
 Means MOA of a company as originally
framed or as altered from time to time in
pursurance of any previous companies law or
of this act.
Contents of MOA
 Name clause
 Registered office of the company
 Object clause
 Capital clause
 Liability clause
 Subscription or association clause
Companies Act 1956
 Alteration of MOA
 Articles of Association
 Doctrine of Ultra Vires
 Constructive notice
 Doctrine of Indoor management
INTRODUCTION
 The Company act 1956 is the successor of
Indian companies Act 1913.
 Affecting the Administration and

Management of Corporate Business.

 Bhabha Committee which consist some

members of Parliament.
OBJECTIVES
 Full and Fair disclosure of all information
 Enforcement of proper performance of duties

by Company management.
 Proper standard of accounting and auditing
 Effective participation and control by share

holders.
TYPES OF COMPANY
 HOLDING COMPANY

 GOVERNMENT COMPANY

 FOREIGN COMPANY

 INVESTMENT COMPANY
TYPES OF COMPANIES UNDER OUR LAWS.

 Companies limited by shares popularly

known as Limited Companies.
 Companies limited by guarantees.
 Companies with unlimited liability.
Thank
You!

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