top management college in delhi ncr (2)

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ABOUT JOINT STOCK COMPANY By Mr Somesh Kumar Assitant Professor I IMT College of Management, Greater Noida

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Introduction Company is a voluntary association of persons Formed for the purpose of doing business having a distinct name and limited liability. It is a juristic person having a separate legal entity distinct from the members who constitute it, capable of rights and duties of its own and endowed with the potential of perpetual succession. The Companies Act, 1956, states that 'company' includes company formed and registered under the Act or an existing company i.e. a company formed or registered under any of the previous company laws.

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Features of A Company Registration : A company comes into existence only after registration under the Companies Act 2013. Voluntary Association : A company is an association of many persons on a voluntary basis. Therefore a company is formed by the choice and consent of the members. Legal Personality : A company is regarded by law as a single person. It has a legal personality. This rule applies even in the case of “One-man Company.” Contractual Capacity : A shareholder of a company, in its individual capacity, cannot bind the company in any way. The shareholder of a company can enter into contract with the company and can be an employee of the company

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Management : A company is managed by the Board of Directors, whole time Directors, Managing Directors or Manager. These persons are selected in the manner provided by the Act and the Articles of Association of the company. Permanent Existence : The company has perpetual succession. The death or insolvency of a shareholder does not affect its existence. A company comes into end only when it is liquidated according to provision of the Companies Act.

Types of Company :

On the basis of formation Chartered Companies Those companies which are incorporated under a special charter by the king or sovereign such as East Indian Company. Such companies are rarely formed now-a-days as trading companies. Statutory Companies These companies are formed by special acts of Legislatures or Parliament. e.g.; the Reserve Bank of India, the Industrial Finance Corporation, Damodar Valley Corporation. Registered Companies Such Companies which are incorporate under the Companies Act, 1956 or were registered under the previous Companies Act. Types of Company

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On the Basis of Public investment Private Companies : A private company means a company which by its articles ( a) restricts the right to transfer its shares, if any ( b) limits the number of its members to fifty excluding past or present employees of the company who are also members of the company. ( c) Prohibits any invitation to the public to subscribe for any shares in our debentures of the company. Public Companies : Public companies are those companies which are not private companies. All the three ABOVE restrictions are not imposed on such companies.

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On the Basis of liability Limited Companies : In case of such companies, the liability of each member is limited to the extent of a face value of shares held by him. Suppose A takes a share of Rs 10., he remains liable to the extent of that amount. As soon as that amount in paid, he is no more liable. Guarantee Companies : The liability of the member of such companies is limited to the amount he has undertaken to contribute to the assets of the company in the event of its wound up. This guaranteed amount is limited to fixed sum which is specified in the memorandum. Unlimited Companies : They are nothing but large partnership registered under the Companies Act and the members just like partners have unlimited liability

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IIMT Group of Colleges Plot No. 20-A, Knowledge Park III, Greater Noida , U P Tel: 0120 232 2655, 247 5000 Mob : 9911009144 Mob: 9717015300 Email:  enqu[email protected] 1. College website : www.iimtindia.net 2. College Social Media Links : https://www.facebook.com/iimtmeerutgreaternoida/ https://www.youtube.com/iimt-group-of-colleges https://www.instagram.com/iimtindia/ Thank You!!! REACH US