Law Case Essay

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------------------------------------------------- Introduction “Company in law is distinct from its members. Directors are neither agents nor trustees of the Company” - as a subject of rights and duties that is capable of owning real property, entering into contracts, and having the ability to sue and be sued in its own name. A company is a business organization. It is an association or collection of individual real persons and/or other companies, who each provide some form of capital. This group has a common purpose or focus and an aim of gaining profits. This collection, group or association of persons can be made to exist in law and then a company is itself considered a "legal person". A company is capable of owning property, making contracts, employing people and being sued or of suing. Under the eye of the law, anything that is capable of rights and duties is a person and thus has a personality. Persons can be of two types under the eye of law (i) natural persons and (ii) artificial persons. Natural persons are human beings and artificial persons are those created for the purpose of laws known as corporations or companies. As soon as a company is registered under the company act, it attains the status of a person which can buy, lend money, file and defend suit, sell goods and hold property. In the United States, a company may be a "corporation, partnership, association, joint-stock company, trust, fund, or organized group of persons, whether incorporated or not, and (in an official capacity) any receiver, trustee in bankruptcy, or similar official, or liquidating agent, for any of the foregoing." In the US, a company is not necessarily a corporation. In English law and in the Commonwealth realms a company is a body corporate or corporation company registered under the Companies Acts or similar legislation. It does not include a partnership or any other

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