company

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Company

An organization of individuals conducting a commercial or industrial enterprise. A corporation, partnership, association, or joint stock company.

company

n. any formal business entity for profit which may be a corporation, a partnership, association or individual proprietorship. Often people think the term "company" means the business is incorporated, but that is not true. In fact, a corporation usually must use some term in its name such as "corporation," "incorporated," "corp." or "inc." to show it is a corporation. (See: business)

company

an association of persons formed for the purpose of some business or undertaking, which has a legal personality separate from that of its members. A company may be formed by charter, by special Act of Parliament or by registration under the Companies Acts. The liability of members is usually (but not always) limited by the charter, Act of Parliament or memorandum of association. A company may be a public limited company (PLC or plc), in which event its shares may be transferred freely among, and owned by, members of the public. All limited liability companies that are not public limited companies are private companies, denoted by the term Ltd. While companies are owned by their members (i.e. shareholders), they are managed by a board of directors. Historically, the duties owed by the board are fiduciary in nature and owed to the company rather than the shareholders. Companies are the major instrument for economic and financial growth and development in the Western world. A limited company encourages trade to the extent that in the event of insolvency the owners are liable only to the extent of their unpaid share capital. The limited company is a legal person in its own right and is sued in place of the owners or directors.

A company may be limited by shares or, in the case of a private company, by guarantee. Since the Companies Act 1980, it is no longer possible to create a company limited by guarantee and having a share capital in the UK. A company limited by guarantee is a company that has the liability of its members limited by the memorandum of association to such an amount as the members may undertake to contribute to the assets of the company upon its being wound up. A company limited by shares is a company having the liability of its members limited by the memorandum of association to the amount, if any, unpaid on the shares respectively held by them.

COMPANY. An association of a number of individuals for the purpose of carrying on some legitimate business.
     2. This term is not synonymous with partnership, though every such unincorporated compass is a partnership.
     3. Usage has reserved this term to associations whose members are in greater number, their capital more considerable, and their enterprises greater, either on account of their risk or importance.
     4. When these companies are authorized by the government, they are known by the name of corporations. (q.v.)
     5. Sometimes the word is used to represent those members of a partnership whose names do not appear in the name of the firm; as, A.B & Company. Vide, 12 Toull. n, 97; Mortimer on Commerce, 128. Vide Club; Corporation; Firm; Parties to actions; Partnership.

References in classic literature ?
'You have always been a very good friend to me, Mr Varden,' he said, as they stood without, in the porch, and the locksmith was equipping himself for his journey home; 'I take it very kind of you to say all this, but the time's nearly come when the Maypole and I must part company.'
If I capsized now, well, we might go to the bottom together; otherwise the hen-coop and I should not part company in a hurry; and I thought, I felt, that she would float.
Then he told them that here they should part company; they three going to the eastward and he to the westward, and so, skirting the main highroads, would come by devious paths to Sherwood.
The perplexed experience gets the apparent clearness, as it gets also the animation, of a long dialogue; only, the disputants never part company, and there is no real conclusion.
It is not yet sure whether Maradona is back at Fujairah or not, but the initial decision to part company with the club by mutual consent was seen as rash.