A Voluntary association formed and organized to carry on a business. Types of companies include sole proprietorship, partnership, limited liability, corporation and public limited company.

A company us any entity that engages in business. Companies can be structured in different ways. E.g. your company can be sole proprietorship, a partnership, or a corporation. Liability in most types of company is assumed by the owners, and can either be limited or unlimited depending on the type.


Corporations are different from other types of company in that they exist separately from their legal owners. That means that liability is separate as well. With corporations, liability is limited to the holding shares.

Company Vs Corporation

All corporations are companies, but not all companies are corporations. Company is much broader term than corporation and it encompasses a lot of different types of businesses.


Any three or more persons associated for lawful purpose may, by subscribing their names to the Memorandum of Association and complying with the requirements of the Companies Act form a public company and any two or more persons so associated may, in like manner, form a private company. If only one member forms a private company, it is called a single member private company.

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