Company law notes
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Company Law Brief notes
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- 9. Types of company
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Company law notes Introduction: in this twenty first century, and in light of the economic and technological devt occurring in Ghana and globally, company law has assumed a very wide compass and it touches on a number of related disciplines in a narrow and stricter sense company law covers the substantive law and procedures relating to the company. The Ghana’s company code, 1963(act 179), deals with both the business company and the non profit making company. The companies code is the source of regulatory document that describes how; Various types of companies are formed and dissolved. The steps that are needed to operate legally The rights, duties,, powers and liabilities of members and officials of the company How company is governed on a day to day basis It also describes the regulatory oversights of a company by the institutions of state. The registrar general or registrar of companies is the main body that deals with the registration of companies. Company law has three aspects which operate in concert. Statutory provisions Case law The theoretical underpinnings of statutory and case law. A company is an association of a number of individuals formed for a common purpose. The purpose may be to undertake business with the idea of making profit or to undertake other activities of a social, educational, religious or charitable nature and not with the view of making profit. A company may be incorporated or unincorporated. An unincorporated company has no separation from it members. An incorporated company has a separate existence from it members. it is a separate, albeit artificial legal person. 9. Types of company (1) An incorporated company may be, (a) a company limited by shares, that is a company having the liability of its members limited to the amount, unpaid on the shares respectively held by them, or (b) a company limited by guarantee, that is a company having the liability of its members limited to the amount that the members may respectively undertake to contribute to the assets of the company in the event of its being wound up, or (c) an unlimited company, that is a company not having a limit on the liability of its members. Profit making business could be undertaken by: Sole proprietorship Download 31.01 Kb. Share with your friends:
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