Companies act

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Amit Kumar Sharma

Amit Kumar Sharma (Querist)
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12 June 2012 Is companies act applicable to a corporation?

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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12 June 2012 Yes, it is applicable with some exemptions as provided in the Act.
The corporation is required to get registered it with ROC.

Ajay Mishra

Ajay Mishra (Expert)
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12 June 2012 Hi

Hi

Yes, read section2(7) of the Companies Act, 1956 which includes corporation as body corporate.

What is Corporation:

The most common form of business organization, and one which is chartered by a state and given many legal rights as an entity separate from its owners. This form of business is characterized by the limited liability of its owners, the issuance of shares of easily transferable stock, and existence as a going concern. The process of becoming a corporation, call incorporation, gives the company separate legal standing from its owners and protects those owners from being personally liable in the event that the company is sued (a condition known as limited liability). Incorporation also provides companies with a more flexible way to manage their ownership structure. In addition, there are different tax implications for corporations, although these can be both advantageous and disadvantageous. In these respects, corporations differ from sole proprietorships and limited partnerships.

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