Company and corporation same

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Milan

Milan (Querist)
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28 July 2013 are companies corporations

Ajay Mishra

Ajay Mishra (Expert)
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29 July 2013 Hi

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. It is also known as "corporation".

Ajay Mishra

Ajay Mishra (Expert)
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29 July 2013
Corporations:

A corporation is a business entity that legally exists separately from its owner(s). The owners of a corporation are shareholders; their percentage of ownership in the business is represented by their corporate stocks or shares. Shareholders can choose a board of directors to manage business operations, or they can create a shareholders' agreement, which will allow them to manage the business directly.

Corporations are more complex than unincorporated businesses. You will need to file the taxes for the corporation separately from your personal taxes. In most states, you will not be held personally responsible for corporate debts.

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