Company
This query is : Resolved
08 December 2011
what is difference between company and body corporate.? plz explain in simple language.
08 December 2011
Body corporate is defined u/s 2(7) of the Companies Act, 1956 whereas company is defined u/s 3 of the Companies Act, 1956.
Body Corporate is a wider concept than company. According to Section 2(7)---
"Body corporate" or "corporation" includes a company incorporated outside India but doesnot include-
a. a corporation sole
b. a co-operative societyregistered under any law relating to co-operative societies
c. any other body corporate (not being a company 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.
Body Corporate is a wider concept than company. According to Section 2(7)---
"Body corporate" or "corporation" includes a company incorporated outside India but doesnot include-
a. a corporation sole
b. a co-operative societyregistered under any law relating to co-operative societies
c. any other body corporate (not being a company 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.
08 December 2011
Agree With Expert
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
