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Criminal Law Essay

2463 words - 10 pages

The word corporation is derived from the Latin word Corpus which also means body. A corporation is therefore a legal person brought into existence by a process of law and not by natural birth. Owing to these artificial processes they are sometimes referred to as artificial persons, not fictitious persons.
Company law can be described as the body of laws and rules that govern companies created under the United Kingdom Companies Act of 2006 (hereafter referred to as the Act of 2006). Section 1(1) of the Companies Act of 2006 states; “what company means as a corporation that is created, formed and registered under the aforementioned Act, which is one that was registered after such ...view middle of the document...

If the liability is limited to monetary remuneration, then the company is limited by shares. If the liability is limited to an amount, the members may undertake, contribute, or recover any of the assets in the company where it so happens that the company or venture is wound up; meaning that the company is then limited by guarantee. Where there is no limit towards the liability of the members, the company becomes an unlimited company. A company may also either be private or public. A private company is any corporation, other than a public company, which can be said to be a company limited by its shares, or which is limited by guarantee and has a share capital.
Companies have a special significance in civil law due to the fact that they tend to have a legal personality as an independent entity and which can be separated from the investors. The general rules in the laws of contract and tort govern the company as an independent and distinct entity. This is fundamentally different from the other types of associations in business such as partnerships and sole traders who acquire their rights and duties and are obligated under general or common law. Under the provisions contained in section 1 of the U.K Partnership Act of 1890, the partners in a partnership, just like the sole trader, are liable on obligations, whether contract or tort, in the amount of shares that is equal to their capital contribution (Partnership Act 1890). Partners can however limit the extent in which they are liable to their capital or investment in their businesses when the partnership owes its creditors much more money than is actually readily available in the enterprise (Limited Liabilities Act 2000). The law treats companies in company law distinctly from partnerships in partnership law. (Henning, 2000) Basically, company law consists partly of ordinary rules of equity, common law and partly of statutory rules. Common law rules are embodied in cases. The statutory rules are to be found in the Act of 2006. However, the typical method for firms and businesses to limit their liability incurred is by forming corporations or a company. The true meaning of company law can only be understood against the background of common law.
There are basically two fundamental legal concepts of company law. One concept is of legal personality or corporate personality, by which a company is treated in law as a separate entity from the members. A legal person is not always human, it can be described as any person, human or otherwise, who has rights and duties at law; therefore, while all human persons are legal persons, not all legal persons are human persons. The other concept is of limited liability. Basically, liability means the extent to which a person can be made accountable by law. He can either be responsible for the full amount of his debts or else pay towards that debt only to a certain legal limit and not beyond it. In the context of company law, liability may be limited either by...

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