Body corporate
Querist : Anonymous
Is it the association or Group of person who are registered/incorporates itself as legal body authorised by law ?
It means Group/association of person becomes the legal body after registered and will be called company .Is it right or not ???
Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability. It is a juristic person having a separate legal entity distinct from the members who constitute it, capable of rights and duties of its own and endowed with the potential of perpetual succession. The Companies Act, 1956, states that a 'company' includes company formed and registered under the Act or an existing company i.e. a company formed or registered under any of the previous company laws.
However, company is not a citizen so as to claim fundamental rights granted to citizens.
The Companies Act has used an excluding definition for body corporate, defining it as "Body corporate" or "corporation" includes a company incorporated outside India but does not include- a. a corporation sole
b. a co-operative society registered under any law relating to co-operative societies
c. any other body corporate (not being a company as defined in this Act), which the Central Govt. may, by a notification in the official gazette, specify in this behalf.
Now, the concept of Corporation Sole is not defined anywhere in the Act. But concisely, apart from those excluded specifically, a body corporate means any entity that has its separate legal existence apart from the persons forming it. It enjoys a completely different legal status apart from its members. So, a body corporate shall include:
a company, a foreign company, a corporation, a statutory company, a statutory body, an LLP, etc. and such bodies that have separate legal existence.
Querist : Anonymous
.
.
– Firm, HUF, Trust is not ‘Body Corporate’
Querist : Anonymous
person or Body of people which is incorporate /registered itself as company
(i.e,seperate legal body)
Am i right ????
Querist : Anonymous
But in fact/real,the company is just association/body of person which incorporate itself as company.So after registeration of body of persons, that particular association/body of person be called company .
So why it is be called that the company is exist only in contemplation/eyes of law ? As company is nothing but the association /body of person which exist in real and law permits them to act as single person/unit.
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