Section 3(1) of the Companies Act 1956 defines the word ‘company’. A company organized and registered under this Act or an existing company. We often hear about the persons working in the company or the persons running the company. The term company for ordinary person means a business organization.
Judge James :- “The company is an artificial person created by law to have a separate existence, an unbroken successor and a common currency.
Prof. Haney:- “The company is an association of many such persons who contribute money or money equal to the deposits in a joint fund. and use it for a certain purpose. This type of joint fund is expressed in currency and is the capital of the company, the persons who contribute to it are called its members. A member has the right to that proportion of capital which is equal to his purchased share.
Lord Lindley :- “Company is an artificial person created by law. It is a separate statutory entity. It enjoys perpetual succession and a common seal.
According to the Companies Act 1956:- a company means an association of several persons. Those who contribute money or any other property equivalent to money in a joint fund and which are used for the fulfillment of a common purpose.
American jurist Marshall James:- Company is an artificial person who is invisible and intangible and whose existence only . From the point of view of law. “
Judge Marshall:- Company is an artificial person, amalgamated for some specified purpose.”
Judge Charlesworth :- “Corporation is a creation of the State whose existence is different from persons who owns the capital or securities of that (corporation).”
Dr. William R. Springal :- Company means an artificial person formed under the Companies Act, having a separate existence and perpetual succession from its members, ordinarily such a company is formed for the attainment of a particular object and having a common seal.
