company
companyA form of organizing a business, with a legal personality distinct from the individuals taking part in it. This has been found essential in organizing large and complex businesses. The formation of companies is controlled by the state. At various times in the UK, companies have been formed by royal charter, Act of Parliament, or registration with an official Registrar of Companies. A company is empowered to own assets, incur debts, and enter into contracts, and may be sued and taxed. It may or may not have limited liability for its shareholders: without limited liability shareholders are in the last resort responsible for meeting the company's debts; with it, they are liable only to the extent of any unpaid part of the book value of their shares. Under the UK Companies Acts there are three classes of company: private companies with unlimited liability, private companies with limited liability, and...
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