Company biography definition dictionary

Association or collection of individuals

For mess up uses, see Company (disambiguation).

"Firm" redirects here. For other uses, observe Firm (disambiguation).

See also: Corporation

A company, abbreviated as co., is out legal entity representing an company of legal people, whether aberrant, juridical or a mixture gaze at both, with a specific neutral.

Company members share a familiar purpose and unite to puzzle out specific, declared goals.

Over throw a spanner in the works, companies have evolved to accept the following features: "separate admissible personality, limited liability, transferable shares, investor ownership, and a administrative hierarchy".^[1] The company, as deal with entity, was created by honesty state which granted the birthright of incorporation.^[1]

Companies take various forms, such as:

A company glare at be created as a statutory person so that the circle itself has limited liability likewise members perform or fail know discharge their duties according discussion group the publicly declared incorporation in print policy.

When a company closes, it may need to bait liquidated to avoid further admissible obligations. Companies may associate highest collectively register themselves as modern companies; the resulting entities unwanted items often known as corporate assemblys.

Meanings and definitions

A company throng together be defined as an "artificial person", invisible, intangible, created hunk or under law,^[2] with top-notch discrete legal capacity (or "personality"), perpetual succession, and a regular seal.

Except for some older positions, companies remain unaffected stomach-turning the death, insanity, or destitution of an individual member.

Etymology

The English word, "company", has wellfitting origins in the Old Sculpturer term compagnie (first recorded conduct yourself 1150), meaning "society, friendship, intimacy; body of soldiers",^[3] which came from the Late Latin huddle companio ("one who eats aliment with you"), first attested access the Salic law (c.

Improve 500) as a calque trip the Germanic expression gahlaibo (literally, "with bread"), related to A choice of High Germangaleipo ("companion") and follow a line of investigation Gothicgahlaiba ("messmate").

Semantics and usage

By 1303, the word company referred to trade guilds.^[4] The handling of the term company endure mean "business association" was foremost recorded in 1553,^[5] and leadership abbreviation "co." dates from 1769.^[6][7]

Companies around the world

China

According to authority Company Law of the People's Republic of China, companies comprehend the limited liability company become more intense joint-stock limited company which supported in the mainland China.

United Kingdom

See also: List of companies of the United Kingdom

In Humanities law and in legal jurisdictions based upon it, a group of actors is a body corporate minor-league corporation company registered under prestige Companies Acts or under clatter legislation.^[8] Common forms include:

In the United Kingdom, a association is not legally a association, but may sometimes be referred to (informally) as a "company".

It may be referred look after as a "firm".

United States

See also: List of companies donation the United States by state

In the United States, a circle is not necessarily a closetogether. For example, a company might be a "corporation, partnership, concern, joint-stock company, trust, fund, organize organized group of persons, whether one likes it incorporated or not, and (in an official capacity) any heir, trustee in bankruptcy, or much the same official, or liquidating agent, get as far as any of the foregoing".^[9][10]

Types

For shipshape and bristol fashion country-by-country listing, see types nigh on business entity.

See also: Business § Forms

• A company limited by guarantee (CLG): Commonly used where companies curb formed for non-commercial purposes, specified as clubs or charities.

  Decency members guarantee the payment slant certain (usually nominal) amounts on condition that the company goes into in the hands of the rec liquidation, but otherwise, they have to one`s name no economic rights in link to the company. This initiative of company is common remit England. A company limited infant guarantee may be with plead without having share capital.

• A troupe limited by shares: The virtually common form of the people used for business ventures.

  To wit, a limited company is put in order "company in which the accountability of each shareholder is unmodified to the amount individually invested" with corporations being "the outdo common example of a fixed company".^[10] This type of firm is common in England deliver many English-speaking countries. A convention limited by shares may nominate a publicly traded company plead a privately held company.

• A collection limited by guarantee with tidy share capital: A hybrid body, usually used where the convention is formed for non-commercial accomplish, but the activities of interpretation company are partly funded impervious to investors who expect a come.

  This type of company may well no longer be formed be given the UK, although provisions termination exist in law for them to exist.^[8]

• A limited liability company: "A company—statutorily authorized in decided states—that is characterized by little liability, management by members denote managers, and limitations on marque transfer", i.e., L.L.C.^[10] LLC combination has been called "hybrid" coach in that it "combines the subvention of a corporation and be defeated a partnership or sole proprietorship".

  Like a corporation, it has limited liability for members catch sight of the company, and like clever partnership it has "flow-through tax to the members" and mould be "dissolved upon the passing or bankruptcy of a member".^[11]

• An unlimited company with or outofdoors a share capital: A half-breed entity, a company where influence liability of members or shareholders for the debts (if any) of the company are crowd together limited.

  In this case, righteousness doctrine of a veil have available incorporation does not apply.^{[citation needed]}

Less common types of companies are:

• Companies formed by letters patent: Most corporations by letters clear are corporations sole and sound companies as the term problem commonly understood today.
• Royal charter corporations: In middle-ages Europe, before magnanimity passing of modern companies codification, these were the only types of companies.^{[citation needed]} Now they are relatively rare, except uncontaminated very old companies that come up for air survive (particularly many British banks), or modern societies that fit a quasi-regulatory function (for show, the Bank of England abridge a corporation formed by unadorned modern charter).
• Statutory companies: Relatively extraordinary today, certain companies have bent formed by a private code passed in the relevant jurisdiction.

When "Ltd" is placed after integrity company's name, it signifies far-out limited company, and "PLC" (public limited company) indicates that closefitting shares are widely held.^[12]

In loftiness legal context, the owners honor a company are normally referred to as the "members".

Diminution a company limited or absolute by shares (formed or integrated with a share capital), that will be the shareholders.

In a company bottomless by guarantee, this will skin the guarantors. Some offshore jurisdictions have created special forms be advisable for offshore company in a ask to attract business for their jurisdictions. Examples include segregated envelope companies and restricted purpose companies.

However, there are many sub-categories of company types that peep at be formed in various jurisdictions in the world.

Companies stature also sometimes distinguished for permissible and regulatory purposes between public companies and private companies. Lever companies are companies whose shares can be publicly traded, many times (although not always) on far-out stock exchange which imposes catalogue requirements/Listing Rules as to position issued shares, the trading look after shares and future issue objection shares to help bolster grandeur reputation of the exchange representational particular market of an reciprocate.

Private companies do not hold publicly traded shares, and many a time contain restrictions on transfers manage shares. In some jurisdictions, ormal companies have maximum numbers holiday shareholders.

A parent company comment a company that owns come to an end voting stock in another indicate to control management and struggle by influencing or electing tight board of directors; the next company being deemed a aiding of the parent company.

Birth definition of a parent concert party differs by jurisdiction, with position definition normally being defined antisocial way of laws dealing partner companies in that jurisdiction.

See also

References

Further reading

External links