Types of Companies - By Nidhi Baglikar

What is a company -    • What is a Company? - By Nidhi Baglikar   #Typesofcpmpanis #whatisacompany #companymeaning #companiesact2013 #statutorycompany #governmentcompany #onepersoncompany #privatecompany #publiccompany #statutorycorporation #producercompany #nidhicompany #smallcompany #publiccompany #nbfc #bank #581B #Ngo #section8company #nonprofitorganisation #limitedcompany #unlimitedcompany A. Types of Company on the basis of Incorporation 1. Statutory Companies : These companies are constituted by a special Act of Parliament or State Legislature. These companies are formed mainly with an intention to provide the public services. Companies limited by shares:  These types of companies are mentioned in Section 2(22) of the Companies Act, 2013. The liability of the members of such a company is based upon the number of shares kept unpaid. This liability against the shares kept may be brought to the authority. Once the payment towards the security is made by the shareholder or member then no liability beyond that is placed upon such member. The liability may be enforced during the company’s existence and even during its winding-up process. Companies limited by guarantee These types of companies are mentioned in Section 2(21) of the Companies Act, 2013. In a Company where the liability is limited by guarantee, it means the member of the Company has agreed on the Memorandum of Association to repay the same amount during winding up of such Company. In such companies, the liability of the members is limited to the undertaking given by them. Trust research associations, etc. are examples of companies liability limited by guarantee. Unlimited Liability Company These companies as defined under Section 2(92) of the Companies Act, 2013 do not have a cap on the amount of liability that may add on their members in case the company has to repay any debt. For any amount that the company owes these members, the unlimited liability company shall be liable to the extent of their interest in the company. These companies do not draw any popularity when it comes to Indian Market Other categories of company One person company Government company Producer company Nidhi company Small company Statutory corporation