A company is an association of persons formed for carrying out business activities and has a legal status independent of its members.
Features of Joint stock company are:
(a) Separate legal entity: From the day of its incorporation, a company acquires an identity, distinct from its members. Its assets and liabilities are separate from those of its owners.
(b) Artificial person : A company is a creation of law and exists independent of its member. Like natural persons ,a company can own property ,incur debts, borrow money ,enter into contracts. It is, therefore, called an artificial person.
