Types of Companies | Company Law | Unit- 1 | BBA | Part 1


Hello Guys,Welcome to College Tutor Today we will start Company Law Unit 1 or simply basics In this channel we will be covering all subjects of various courses of different universities to help students with last minute revision and to score good marks Out subject for today’s video will be Company Law We will be doing Unit-1 as per CCS University Syllabus Unit -1 Basically got three main topics which we will covering today.And they are: Kinds Of Companies/Types of companies Promotion of company Incorporation of Company Incorporation is also known as establishment Before starting with the types of companies, we will understand the meaning of company The meaning of company can be understood with this easy defination Company is an voluntary association of individuals with a motive to earn profit. It is created by law and is artificatial in nature. After understanding the meaning, it is essential to learn the proper definition as per Law Definition has be taken from the Companies Act only. There have been many Acts till now starting from Companies Act 1956 to Companies Act 2015 The Company act explains that as per law any existing company or the company incorporated as per any company act or law will be called a company. Here, we are kinds are divided on different basis. Here, we have divided on basis of INCORPORATION,LIABILITY,CONTROL,OWNERSHIP and NATIONAL INTEREST. First of all we will start on the basis of incorporation. Incorporation here simply means, how the company has come into existence or how it has been formed. 1- Chartered Company Companies incorporated or formed by any king or queen by passing a charter. Nowadays, like companies are created wither by registration or by passing any law in parliament Similarly, in earlier times, king or queen used to create these by passing CHARTER. these are not found anymore, neither we have to study them in detail. Some examples of Chartered Companies are East India Company Bank of Japan Next type on basis of incorporation are statutory company Companies which are formed due to any act or law passed in parliament are statutory companies for eg Reserve Bank of India (RBI ACT) Life Corporation of India (LIC) after LIC Act now after statutory company, we will move on to registered company Registered Companies are the most commonly found companies and the definition of registered company is even easier to remember its same as the definition of the company as we have studied under Company Act 1956/ Company Act 2013 eg. Maruti TATA etc with this, we finish the kinds of company on the basis of incorporation now we move on the next basis i.e On the basis of liability Any company in which the stakeholders/shareholders are liable to some or complete amount lets start with Unlimited Company first Sec 2 (92) defined the unlimited company in Company act 2013

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