Company and Corporation-Distinguish

This query is : Resolved

Share Report Follow Query Ask a Query

Avinasheswar

Avinasheswar (Querist)
Follow

03 October 2007 What is the difference between a company and a corporation?
Is the term Corporation defined in any Act?

Srinath A. N.

Srinath A. N. (Expert)
Follow

03 October 2007 The expression "Corporation" is wider than the term "Company". It is a legal person & capable of holding property and becoming a member of the Company.

Generally a Compny formed under the Act of Parliment is colled as Statutory Company/Corporation.

For using the word Corporation, it should have minimum Authorised Capital of Rs.5 Crores.

The world Corporation is defined in Section 2(7) of the Companies Act,1956

Message likes : 1 times

Avinasheswar

Avinasheswar (Querist)
Follow

03 October 2007 What is given in Section2(7) is not a defenition of the term 'Corporation'. It is just an explanation for the purposes of the Companies Act to exclude 'Companies' from the scope of this term.
Section 2(7(c) mentions specifically "any other body corporate(NOT BEING A COMPANY)" which means if this explanation were not there, there was a chance of 'Company' being included in the term 'Corporation'.
Does not this mean Corporation is defined somewhere else or it is somewhere explained in some case law?
I wish to know the real defenition of the term Corporation.
Where is it provided that a Corporation should have minimum Authorised Capital of Rs.5 Crores?

R.V.RAO

R.V.RAO (Expert)
Follow

03 October 2007 Corporation as defined in www.investordictionary.com
A group of persons granted a state charter legally recognizing them as a separate entity having its own rights, privileges, and liabilities distinct from those of its members. The process of incorporating should be completed with the state's secretary of state or state corporate counsel and usually requires the services of an attorney.

www.findlaw.com
www.google.com
both provide definition for the word corporation.
as Mr. Srinath A.N. RIGHTLY SAID TO HAVE THE WORD CORPORATION WHILE APPLYING FOR A COMPANY NAME UNDER COMPANY'S ACT A COMPANY'S AUTHORISED CAPITAL SHALL BE NOT LESS THAN RS. 5 CRORES .IT IS A DEPT. GUIDELINE FOR ROC TO SANCTION APPLICATION FOR NAME.
I ALSO AGREE WITH YOU THAT SEC 2 DOES NOT EXPLAIN OR TOTALLY DEFINE A CORPORATION.
R.V.RAO

ARUN KUMAR MAITRA

ARUN KUMAR MAITRA (Expert)
Follow

23 August 2012 The term"Corporation" includes a company incorporated outside India but does not include :
a corporation sole;
a co-operative society;and
any other body corporate {not being a company as defined in the Act)which the Central Govt. may, by notification in the official gazette,specify in this regard vide Section2(7)of the Companies Act,1956.

Whereas the term Company means a Company as defined in Section 3.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Aniruddha Mody

Rampal Saini

Jitin Aditya Kapur

Amirthalingam

George Innocent

Subscribe Now

Company and Corporation-Distinguish

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA