A Company is a voluntary association of interested and competent people established for a distinct business objective, name, and range of liabilities. A company commands a legal existence, and is a juristic body or person. Hence, a company is duly empowered to file a suit, and can be represented by a competent authority or person before a Court of law or any other place of justice. However, since a company is not considered as a citizen, it cannot claim any fundamental rights given to citizens. A company is formed and registered under the rules and regulations of The Company Act, 1956.
A Company is a separate legal entity quite distinct from its members and shareholders. There is a distinguished and concrete difference between the ownership and the control over the affairs of the company. Members and shareholders are undoubtedly the legitimate owners of the company, but a company is actually managed, directed, and governed, by the directors who are elected unanimously by all the members of the company.
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